Amlak Finance PJSC, the largest publicly listed Islamic Home Finance Company offering Sharia’a solutions, and a pioneer of home finance in the UAE, today announced preliminary results for the second quarter, which ended 30th June 2007.
Financial Highlights:
• Net profit for first half of financial year ended 30th June 2007 amounted to AED 106M.
• Net Profit for the period ended 30 June 2007 has been increased by AED 25m as compared to same period of 2006, which is an increase of 31%
• Revenue for the period ended 30 June 2007 reached to AED 280m which is an increase of 54% as compared to same period of 2006
Overall Comments:
• Recent restructuring of funding sources combined with the renewed focus on Amlak’s core business increase the ability of the company to generate revenue by enabling it to react quickly to market variables such as volume or pricing requirements.
• These results show a significant leap in return on assets and return on equity. This delivers on Amlak’s promise to concentrate on maximizing returns to its shareholders.
• The flexible funding structure provides liquidity, minimizes cost of fund, and makes the company more profitable and flexible – as previously announced this will include an asset backed securitization in the coming months, which will be internationally rated.
• Strategic relationships with international and local market leaders allow Amlak to utilize financial structures which maximize liquidity and deliver tangible results.
Commenting on the Results: Nasser Al-Shaikh, Chairman, Amlak Finance PJSC, “These results show that our commitment to reenergizing the development of Amlak Finance has achieved its primary goals in this first stage – posting dramatic increases in profit and revenue. Built on strong foundations, the team has some of the best talent in the industry, which has delivered the best quarterly results in the company’s history since its inception in 2000. We have spoken in the past about our commitment to core business and differentiation in the market, as well as our commitment to turn around our Q1 performance, and today’s announcement shows that we have delivered on these promises. However these are long term goals, and we have many more innovative product offerings and financial tools and structures that we are investigating to ensure that we continue this strong growth.”
Arif Alharmi, CEO of Amlak Finance PJSC, added: “Amlak Finance is known as a pioneer in the Islamic Home Finance industry, and we are committed to retaining this role; identifying the new areas for growth in the industry, whether it be international expansion, new financial solutions, strategic tie ups with leading developers or innovative products targeted at our core audience, the consumer.”
