Mortgage lender Tamweel yesterday said net profit for 2007 rose to Dh451 million, an increase of 195 per cent compared to Dh153m in 2006, a figure that excludes the Dh699m of income from IPO proceeds. This is the third consecutive year that the company’s net profit has increased three-fold.
For 2007, earnings per share rose to Dh0.451 compared to the previous year’s adjusted figure of Dh0.2. Islamic financing and investing assets in 2007 rose to Dh5.217bn, an increase of 102 per cent compared to the previous year’s Dh2.584bn. This excludes the recently securitised book of Dh771m that has been taken off the balance sheet.
Income from Islamic financing and investing assets in 2007 surged to Dh311.5m, an increase of 100 per cent compared to Dh156m in 2006. For the fourth quarter of 2007, Tamweel’s net profit stood at Dh207m, an increase of 285 per cent compared to Dh53.8m during the corresponding quarter of 2006. During the fourth quarter of 2007, income from Islamic financing and investing surged to touch Dh98.67m, up 106 per cent compared to Dh47.82m
in the corresponding quarter of 2006.
Chairman Sheikh Khaled bin Zayed bin Saqer Al Nehayan said: “The year 2007 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. We have a vision to become the most admired financial services companies in the Middle East.
“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. Indeed, we have clearly demonstrated that we are the preferred partner for developers and other industry specialists that seek to contribute to the sustained growth of the country’s real estate sector.”
Commenting on the results, Chief Executive Adel Al Shirawi said: “During 2007, the company experienced sustained growth in both assets and net profitability from its core business, while also 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.
Indeed, these results demonstrate Tamweel’s ability to maximise return on assets, return on equity and earnings per share, providing maximum value to our shareholders and partners.
“Tamweel’s growing franchise, dominant position in the finance market, strong financial fundamentals and sustainable earnings power have been recognised across the Middle East.”
Tamweel’s 2007 earnings rise 196% to hit Dh451m