Tamweel posts Dh18m profit in Q1

DUBAI — The UAE’s Islamic home finance provider Tamweel on Tuesday announced first quarter net profit at Dh18 million and the company said it demonstrates continued profitability during a period of increasing stability in the domestic property market.

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Published: Wed 18 Apr 2012, 10:46 PM

Last updated: Tue 7 Apr 2015, 11:15 AM

Last year for the first quarter ended 31 March, Tamweel reported a net profit of Dh27 million. The net profit in this quarter is lower mainly on account of additional one time provision of Dh21.6 million for litigation losses, the company said, adding that operating profit before provisions increased to Dh48.5 million compared to Dh43 million in the same period last year.

“Tamweel is committed to the UAE property sector and will continue to provide innovative property finance solutions to support the long-term recovery of this strategic sector,”said Tamweel chairman Abdulla Ali Al Hamli.

Acting chief executive officer Varun Sood said: “Despite the one off litigation provision in this quarter, the operating profitability of the company improved and the successful funding transaction in this quarter strengthened the sustainability of the Company and bolstered its business model.”

This quarter has been positive for Tamweel as it successfully secured the funding of Dh300 million by placing US dollar denominated sukuk.

—abdulbasit@khaleejtimes.com



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