Amlak reports Q3 2007 results

The company's revenue over the quarter was posted at AED155m, up 59% against Q3 2006.

Growth over the financial year 2007 has been consistently strong, with the company achieving 50% growth in the first nine months of FY07 of AED173m combined net profit as of September 30, 2007. This is in part due to a 43% growth in revenue from financing activities, underlining Amlak's focus on its core business activities.

Over the nine month period (Jan-Sept 2007), this equates to an earnings per share (EPS) of AED 0.15, against the 2006 figure of AED0.1, and 12.2% as a return on equity against the 2006 figure of 8.3%.

Amlak's growth in the third-quarter of 2007 has been in line with the company's strategic vision of becoming one of the region's most respected companies. The continued growth in return on assets and return on equity demonstrates consistent commitment to Amlak's shareholders.

"These record results that the company has achieved will support our position as a leader in the property financing market," said Nasser Bin Hassan Al-Shaikh, Chairman, Amlak Finance. "Not only will this strengthen our corporate position, it will also serve the long term interests of our shareholders. We committed at the beginning of the year to deliver over 70% growth in annual profit, and remain focused on this goal. These results are testament to the focus and dedication of Amlak's team in maximising the potential of the existing portfolio as well as driving new business development, exceeding all of our expectations."

During the second half of 2007, Amlak was the first UAE home finance company to be appointed as an official Escrow agent by the Dubai Land Department, to be regulated by the Real Estate Regulatory Agency.

In early September, the company signed a Memorandum of Understanding with International Finance Corporation ("IFC"), a member of the World Bank Group, to make home ownership more affordable through joint venture partnerships which will develop the home finance market in targeted countries.

"Amlak's commitment to a high-quality portfolio and ethical practices in financing, based on Shari'ah principles, will continue to be at the core of our business and strategy going forward. In announcing our results promptly, the company is further committing to good corporate governance and transparency practices that are important to our shareholders. The management team will continue to look for innovative ways to drive our business, and retain our leadership position in the Islamic home finance field," concluded Arif Alharmi, CEO, Amlak Finance.