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Tamweel Q2 profits up 266pc to Dh211million

DUBAI — Second-quarter profit of Tamweel surged 266 per cent or more than tripled to Dh211 million from Dh57.6 million a year earlier helped by growth on its home loan business, the company said in a statement yesterday.

Net profit for the first-half of the year advanced 259 per cent to Dh387.3 million from Dh108.03 million between January and June last year. Tamweel, the UAE's biggest mortgage lender, did not provide earnings per share. "This sustained performance reflects the company's strong business fundamentals and strategy as well as the demand for Tamweel's innovative products and solutions," said the chairman, Shaikh Khaled bin Zayed bin Saqer Al Nehayan,

The company recently launched Tamweel Properties & Investments, the UAE, a fully owned subsidiary that will focus on real estate investment and also offer brokerage services. It has also received a licence to launch operations in Egypt, and a fully owned subsidiary is set to start operations soon. Wasim Saifi, the company's group chief executive officer, said Tamweel has continued to enhance its portfolio with the launch of Irad, a buy-to-let programme for residential and commercial properties.

"Such sterling performance has not gone unnoticed by the industry," Saifi said. "In the past six months Tamweel has been recognised locally and internationally for its product portfolio and landmark transactions."

jose@khaleejtimes.com