Tamweel expects higher growth in H2 of 2008

Following the announcement of its 2008 half-yearly results, Tamweel management issued the following guidance for the financial year 2008:

- Revenue for H2 08 is expected to be in range of Dhs725m to Dhs810m and for full year 2008 is expected to be in range of Dhs1.4bn to Dhs1.5bn.

- Net profit for H2 08 is expected to be in range of Dhs435m to Dhs455m and for full year 2008 is expected to be in range of Dhs825m to Dhs850m.

- Basic earning per share is expected to be in range of Dhs0.82 to Dhs0.84 per share for year 2008.

- Total assets are expected to be in the reach range of Dhs13bn to Dhs13.5bn by end of 2008.

- Islamic and financing assets are expected to be in range of Dhs10.6bn to Dhs11.1bn by end of 2008.

Commenting on the guidance, Wasim Saifi, Group Chief Executive Officer of Tamweel said:

"During the first half of the year 2008, Tamweel has witnessed an increase of 68% in financing assets, growing phenomenally over the past few years. Furthermore, the company managed to maintain a healthy pipeline of financing commitments at Dhs4.43bn. Accumulated financing assets under service stand in excess of Dhs13.64bn 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% over the first half of the year."

In the first half of 2008, Tamweel recorded net profits of Dhs387.3m, an increase of 259% compared to Dhs108.03m in the first half of 2007. Net profits for the second quarter of 2008 touched Dhs210.95m, an increase of 266% from Dhs57.56m in the second quarter of 2007.

Income from Islamic financing and investing assets in the first half of 2008 increased to Dhs350.28m, up 151% compared to Dhs139.72m in the first half of 2007. Income from Islamic financing and investing assets increased to Dhs210.77m in the second quarter of 2008, up 169% compared to Dhs78.49m in the corresponding period in 2007.

Islamic financing and investing assets in the first half of 2008 increased to Dhs8.74bn, an increase of 68% compared to Dhs5.22bn at year end 2007.