ID :
11809
Mon, 07/07/2008 - 15:30
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Shortlink :
https://oananews.org//node/11809
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Amlak Finance half year net profit up by 155%
Abu Dhabi, July 7, 2008 (WAM) - Amlak Finance PJSC announced yesterday its preliminary financial results for the half year of 2008.
At the end of June 2008, Amlak's half year net profit rose to Dh269m, an increase of 155%compared to Dh106 m in the half year of 2007, a company press release said.
Amlak's revenue for the half year of 2008 was posted at Dh620m, up 114% against the half year of 2007, with the company's property financingactivities contributing 52% of the total revenue.
Total assets, as of June 2008, stood at Dh14.2bn, a growth of 133% compared to Dh6.1bn as at June last year. Total volume of business reached Dh17.1bn as at half year 2008 consisting of Dh8.6bn of financing and investing assets, with a further Dh2.4bn of financing commitments extended to customers, marking an increase of 80% compared to half year 2007, and aportfolio of Dh6bn of real estate investments.
'There were indeed great efforts and major planning that led us to celebrate today these remarkable figures, which once again place us as the leading real estate financing company in the UAE and the region,' said Nasser Bin Hassan Al-Sheikh, Chairman, Amlak Finance PJSC. Al-Sheikh emphasised that Amlak upgraded its profit growth forecasts for 2008 based on its stellar performance in the first half of the year where it aims to achieve in 2008 agrowth of over 90% in net profit, in comparison with the previous year.
Last month, Amlak was delighted to win the Emirates Securities and Commodities Authority (ESCA) Gold award for its speed and transparency infinancial reporting and disclosures during 2007.
At the end of June 2008, Amlak's half year net profit rose to Dh269m, an increase of 155%compared to Dh106 m in the half year of 2007, a company press release said.
Amlak's revenue for the half year of 2008 was posted at Dh620m, up 114% against the half year of 2007, with the company's property financingactivities contributing 52% of the total revenue.
Total assets, as of June 2008, stood at Dh14.2bn, a growth of 133% compared to Dh6.1bn as at June last year. Total volume of business reached Dh17.1bn as at half year 2008 consisting of Dh8.6bn of financing and investing assets, with a further Dh2.4bn of financing commitments extended to customers, marking an increase of 80% compared to half year 2007, and aportfolio of Dh6bn of real estate investments.
'There were indeed great efforts and major planning that led us to celebrate today these remarkable figures, which once again place us as the leading real estate financing company in the UAE and the region,' said Nasser Bin Hassan Al-Sheikh, Chairman, Amlak Finance PJSC. Al-Sheikh emphasised that Amlak upgraded its profit growth forecasts for 2008 based on its stellar performance in the first half of the year where it aims to achieve in 2008 agrowth of over 90% in net profit, in comparison with the previous year.
Last month, Amlak was delighted to win the Emirates Securities and Commodities Authority (ESCA) Gold award for its speed and transparency infinancial reporting and disclosures during 2007.
