Tamweel publishes annual results, shares gain
- United Arab Emirates: Tuesday, January 22 - 2013 at 13:58
The Dubai equity market index DFMGI declined 0.45% to 1,778.48 points Tuesday. After Arabtec failed to crack a key resistance level at Dhs2.8, the UAE's first construction company fell 1.10% to Dhs2.70. Emaar closed even at Dhs4.39. Islamic home finance provider Tamweel finished 0.90% higher at Dhs1.13. Earlier in the day, Tamweel said it generated a net profit of Dhs72.5m in 2012, representing a 28.85% decrease. Tamweel said the net profit was lower in the current year due to exceptional provisions relating to certain ongoing litigations for which the company made full provision while continuing to fight its rights. Dubai Islamic Bank (off 0.48% at Dhs2.09), owns 58.2% in Tamweel launched a takeover bid on Jan. 4 and plans to buy out minority shareholders and to de-list Tamweel shares from the DFM.
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