Jul 20 2011 |
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Tamweel profit soars fivefold in second quarter
Wednesday, Jul 20, 2011
Gulf News
Dubai Islamic mortgage provider Tamweel saw its second-quarter profit surge to Dh27.7 million from Dh5.4 million in the corresponding period last year, the company said yesterday.
Tamweel also said it made a net profit of Dh54.9 million in the first half of 2011, up from Dh10.5 million in the first six months of 2010, the company said in a statement to the Dubai Financial Market ( DFM ).
“The improvement in Tamweel’s fortunes, both quarter-on-quarter and year-on-year, is huge,” said Chahir Hosni, Sales Manager at EFG Hermes.
Tamweel has recently introduced a number of new products to the UAE home finance sector including a non-residents programme, which makes home finance available to select investors looking to purchase residential property in the UAE, and a home refinance programme for people looking to unlock equity in their own homes.
Tamweel resumed trading on the DFM after a two and a half year absence in May.
The company’s shares were suspended in late 2008 when talks over a planned merger with its largest competitor, Amlak Finance, failed to materialise and Dubai Islamic Bank took full control of the firm. Tamweel stock climbed 0.92 per cent to Dh0.876 on the DFM .
“Having returned to profit in 2010, Tamweel has maintained momentum by reporting strong profits for the first two quarters of 2011. As the UAE real estate sector continues to strengthen, Tamweel remains well positioned to meet the increased demand for home finance solutions in the country,” said Abdullah Ali Al Hamli, Tamweel’s chairman.
Dh27.7m
profits earned by Tamweel in second quarter of 2011
Dh5.4m
profits earned by Tamweel in second quarter of 2010
Dh54.9m
Tamweel’s net profit in first half of 2011
As the UAE real estate sector continues to strengthen, Tamweel remains well positioned to meet the increased demand for home finance solutions in the country.”
Abdullah Ali Al Hamli
Tamweel’s chairman
By Kevin Scott?Staff Reporter
© Gulf News 2011. All rights reserved.
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