Amlak Finance half year net profit up by 155%

At the end of June 2008, Amlak's half year net profit rose to Dhs269m, an increase of 155% compared to Dhs106 m in the half year of 2007.

Amlak's revenue for the half year of 2008 was posted at Dhs620m, up 114% against the half year of 2007, with the company's property financing activities contributing 52% of the total revenue.

Total assets, as of June 2008, stood at Dhs14.2bn, a growth of 133% compared to Dhs6.1bn as at June last year.

Total volume of business reached Dhs17.1bn as at half year 2008 consisting of Dhs8.6bn of financing and investing assets, with a further Dhs2.4bn of financing commitments extended to customers, marking an increase of 80% compared to half year 2007, and a portfolio of Dhs6bn of real estate investments.

'There were indeed great efforts and major planning that led us to celebrate today these remarkable figures, which once again place us as the leading real estate financing company in the UAE and the region,'

said H.E. Nasser Bin Hassan Al-Shaikh, Chairman, Amlak Finance PJSC.

Adding: 'We have successfully fortified our UAE operation and are moving closer toward full operational capability and profitability with our regional subsidiaries in Saudi Arabia and Egypt, which saw an increase in its capital in the second quarter of 2008 from EP50m to EP125m. We have also successfully concluded the Initial Public Offering of Amlak Finance Jordan, with JD145,610,306 amount subscribed and number of subscribers reaching 7,399.'

Al-Shaikh emphasized that Amlak upgraded its profit growth forcasts for 2008 based on its stellar performance in the first half of the year where it aims to achieve in 2008 a growth of over 90% in net profit, in comparison with the previous year.

Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC, said: 'I wish to thank our staff for their commitment and innovation in products and service offering that helped us achieve these results, and for the loyalty of our customers who continually entrust us with their financing needs. Our financial results prove once again that our long term development strategy is on the right track and we expect to achieve additional solid results in the months ahead.'

On the regional front, Alharmi added, 'We have a planned an expansion roadmap for the region, as we move rapidly toward launching our operations in Jordan, Qatar and Syria, and we look forward to maintaining this growth and achieving many more milestones toward the end of the year.'

Last month, Amlak was delighted to win the Emirates Securities & Commodities Authority (ESCA) Gold award for its speed and transparency in financial reporting and disclosures during 2007.