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Tamweel sees higher growth in second half of current year
DUBAI - Tamweel PJSC, the largest real estate finance provider in the UAE, announced on Wednesday that it expects 2008 revenues and net profit to continue to grow in line with growth recorded in 2007. Following the announcement of its 2008 half-yearly results.
Revenue for H2 08 is expected to be in range of Dh725 million to Dh810 million and for full year 2008 isexpected to be in range of Dh1.4 billion to Dh1.5 billion. Net profit for H2 08 is expected to be in range of Dh435 million to Dh455 million and for full year 2008 is expected to be in range of Dh825 million to Dh850 million.
Basic earning per share is expected to be in range of Dh0.82 to Dh 0.84 per share for year 2008. Total assets are expected to be in the reach range of Dh13 billion to Dh13.5 billion by end of 2008. Islamic and financing assets are expected to be in range of Dh10.6 billion to Dh11.1 billion by end of 2008.
Wasim Saifi, Group Chief Executive Officer of Tamweel said: "During the first half of the year 2008, Tamweel has witnessed an increase of 68 per cent in financing assets, growing phenomenally over the past few years. furthermore, the company managed to maintain a healthy pipeline of financing commitments at Dh4.43 billion."
Accumulated financing assets under service stand in excess of Dh13.64 billion and is expected to grow at the same pace in the second half of 2008. The net profit for the second half of 2008 is expected to grow at 15 per cent over the first half of the year. In the first half of 2008, Tamweel recorded net profits of Dh387.3 million, an increase of 259 per cent compared to Dh108.03 million in the first half of 2007. Net profits for the second quarter of 2008 touched Dh210.95 million, an increase of 266 per cent from Dh57.56 million in the second quarter of 2007.
Income from islamic financing and investing assets in the first half of 2008 increased to Dh350.28 million, up 151 per cent compared to Dh139.72 million in the first half of 2007.
Income from islamic financing and investing assets increased to Dh210.77 million in the second quarter of 2008, up 169 per cent compared to Dh78.49 million in the corresponding period in 2007.
Islamic financing and investing assets in the first half of 2008 increased to Dh 8.74 billion, an increase of 68 per cent compared to Dh5.22 billion at year end 2007.
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