Oct 24 2011 |
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Dubai's Tamweel 3Q Net Profit More Than Doubles To AED15.7 Million
Monday, Oct 24, 2011
(This story was originally published Sunday.)
DUBAI (Zawya Dow Jones)--Dubai-based Islamic mortgage company Tamweel PJSC said Sunday net profit in the third quarter more than doubled to 15.7 million UAE dirhams ($4.27 million), from AED7.3 million in the same period last year, as it set aside less cash for impairments.
"Despite volatile conditions globally, the U.A.E. continues to experience strong growth, which is reflected in the increasing stability of the country's property sector. As this important sector continues its sustained recovery, Tamweel will remain at the forefront of home finance by providing innovative home finance solutions," said Tamweel Chairman Abdulla Ali Al Hamli in an emailed statement.
The company posted a net profit of AED70.7 million for the first nine months of 2011, an almost four-fold increase from AED17.9 million in the same period last year.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-10-11 0357GMT
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