Tamweel net profit up 313 per cent in Q2

DUBAI — Tamweel PJSC has declared its financial results for the first half year.

By Staff Reporter

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Published: Mon 31 Jul 2006, 11:14 AM

Last updated: Sat 4 Apr 2015, 1:12 PM

Shaikh Khaled bin Zayed bin Saqer Al Nahayan, Chairman of Tamweel announced that the company posted a second quarter net profit of Dh38.94 million with an increase of 313 per cent compared to the same quarter last year. The result for the first half year of Dh49.64 million which is an increase of 160 per cent over the same period 2005, excludes a net non-operating income of Dh699 million from IPO oversubscription. The financed assets as of June 30, 2006 has tripled to Dh1.84 billion.

Tamweel posted a net profit of Dh80.23 million before distribution to depositors for the period ended June 30, 2006 compared to Dh25.47 million for the half year ended June 30, 2005, an increase of 215 per cent.

Income from operations for the first half of 2006 was Dh105.44 million compared to Dh40.79 million, an increase of 159 per cent.

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