...

Islamic finance income boosts Tamweel's annual profit 195%

Business Materials 21 January 2008 06:38 (UTC +04:00)

( Gulf ) - A 285 per cent surge in fourth quarter earnings has helped Islamic mortgage lender Tamweel to record a 195 per cent increase in its annual net profits to Dh451 million last year, up from Dh153 million in 2006, excluding Dh699 million of income from IPO proceeds in 2006.

For 2007, earnings per share rose to Dh0.451 compared to Dh0.2 in 2006.

Islamic financing and investing assets in 2007 rose to Dh5.217 billion, an increase of 102 per cent compared to Dh2.584 billion in 2006. This excludes the recently securitised book of Dh771 million that has been taken off balance sheet.

Income from Islamic fin-ancing and investing assets in 2007 surged to Dh311.5 million, an increase of 100 per cent compared to Dh156 million in 2006.

Tamweel chairman Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan said: "2007 was another landmark year for Tamweel, which was marked by the ongoing introduction of new products and services, such as 48-hour finance approval that further cemented our position as the leading provider of real estate finance in the UAE.

"As the UAE's first real estate financier to be appointed an official escrow agent, Tamweel has established its primacy in this important area, and is already capturing business as a provider of escrow management services. We have demonstrated that we are the preferred partner for developers and other industry specialists that seek to contribute to the UAE's real estate growth."

In the fourth quarter of 2007, Tamweel's net profit stood at Dh207 million, an increase of 285 per cent compared to Dh53.8 million in the corresponding quarter of 2006.

Income from Islamic fin-ancing and investing in the fourth quarter surged to Dh98.67 million, up 106 per cent compared to Dh47.82 million in the same period in 2006.

Adel Al Shirawi, chief executive of Tamweel, said: "In 2007, the company experienced sustained growth in both assets and net profitability from its core business, while maintaining low cost-to-income ratios despite our rapid and aggressive regional expansion strategy, starting with the establishment of our presence in Saudi Arabia and Egypt.

"These results demonstrate Tamweel's ability to maximise our return on assets, return on equity and earnings per share, providing maximum value to our shareholders and business partners."

Latest

Latest