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Amlak first-half profit up 447pc

DUBAI - Amlak Finance PJSC, mortgage finance pioneer and innovator in Islamic finance, yesterday announced that its net profits increased 447 per cent to Dh19.603 million for this year's second quarter to June 30, 2004, against Dh3.582 million for the same period last year. The profit achieved in the first half of 2004 was also 40 per cent higher than the entire profit for the year 2003 which was Dh14 million.

Revenue increased 261 per cent to Dh32.5 million against the previous year's Dh 9 million, while annualised earnings per share is forecast at Dh0.05 based on a par value of Dh1 per share. "The first half of 2004 has been a huge success for Amlak as the company crossed key milestones in its business," said Mohammed Ali Al Hashimi, its Chief Executive Officer. "The second quarter, in particular, saw Amlak exceed the Dh 2 billion mark in approved finance deals and a substantial increase in net profit."

"This last quarter also saw Amlak, the largest publicly-held Islamic finance company in the UAE, diversify into other profitable business areas with the launch of Murabaha auto finance and participation in two syndicated corporate facilities overseas, confirming Amlak's determination to develop other Shariah compliant products "

With a customer base that has more than doubled in the past year, Amlak is dedicated to providing the highest possible return on investments for its 17,000 shareholders.