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Tamweel profit rises 259% to Dh387.3m in first half

Real estate finance company Tamweel PJSC on Monday announced that the company's net profits in the first half of 2008 reached Dh387.3 million, up 259 per cent compared to Dh108.03 million in the first half of 2007.

  • Staff Report
  • Published: 00:08 July 22, 2008
  • Gulf News

Dubai: Real estate finance company Tamweel PJSC on Monday announced that the company's net profits in the first half of 2008 reached Dh387.3 million, up 259 per cent compared to Dh108.03 million in the first half of 2007.

Net profit for the second quarter of 2008 touched Dh210.95 million, an increase of 266 per cent from Dh57.56 million in the second quarter of last year.

Income from Islamic financing and investing assets in the first half of 2008 increased to Dh350.28 million, up 151 per cent compared to Dh139.72 million in the first half of 2007. Income from Islamic financing and investing assets increased to Dh210.77 million in the second quarter of 2008, up 169 per cent compared to Dh78.49 million in the corresponding period in 2007.

Islamic financing and investing assets in the first half of 2008 increased to Dh8.74 billion, an increase of 68 per cent compared to Dh5.22 billion at year end 2007.

Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, chairman of Tamweel, said, "Tamweel continues to register extremely high growth, posting consistently strong financial results. This sustained performance reflects the company's strong business fundamentals and strategy as well as the demand for Tamweel's innovative products and solutions," said Shaikh Khalid.

"In the first half of this year, we have seen our book increase by 68 per cent, growing phenomenally over the past few years. Furthermore, we managed to maintain a healthy pipeline of financing commitments at Dh4.43 billion. Our accumulated financing assets under service now stand in excess of Dh13.64 billion," said Wasim Saifi, Group Chief Executive Officer of Tamweel.

A fully-owned subsidiary of Tamweel, the Egyptian company is expected to begin operations shortly. Closer to home, the company launched Tamweel Properties & Investments LLC, a fully owned subsidiary that will focus on real estate investment and also offer brokerage services.

"Tamweel continues to enhance its portfolio of innovative product offerings with the launch of 'Irad' buy-to-let programme for residential and commercial properties that allows homeowners and investors to benefit from current and future rental income," Saifi said.

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