Tamweel announces 147% growth in net profit for first nine month
Tamweel PJSC, the largest provider of real estate finance in the UAE, today declared its financial results for the third quarter of 2007.
Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, announced that the company?s net profits for the first nine months of 2007 reached AED 244 million, an increase of 147 per cent compared to AED 99 million for the first nine months of 2006.
Net profits for the third quarter 2007 stood at AED 136 million, an increase of 136 per cent compared to AED 58 million in the second quarter of 2007, and an increase of 175 percent compared to AED 49 million in the third quarter of 2006.
Income from Islamic financing and investing assets in the third quarter 2007 rose to AED 213 million, an increase of 97 per cent from AED 108 million in the third quarter of 2006.
Islamic financing and investing assets in the third quarter of 2007 rose to AED 4.17 billion (excluding AED 771 million worth of assets removed off balance sheet after recent securitization), an increase of 69 per cent compared to AED 2.47 billion in the same period of 2006. Assets under Tamweel's service have crossed the AED 9 billion mark.
Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said: "Our strong results remain driven by our continued focus on our core operations and strengthens our dominance of the mortgage market with a solid 34 per cent market share. We continue to be a pillar of the real estate sector as the biggest mortgage provider in the country. Our sterling performance in the first half of 2007 and sustained growth in the third quarter reflects the continued strong demand for the home finance solutions offered by Tamweel as well as the confidence of the public." Adel Al Shirawi, Chief Executive Officer of Tamweel, attributed these strong results to the focus of the team, extremely strong sales, and diversified funding mechanism. He said: "This has been an exciting year for Tamweel. We have achieved outstanding sales this quarter, amounting to approximately AED 2 billion, recording a phenomenal growth. Recording net profits for the first nine months of the year of AED 244 million has led to exceeding our overall 2007 estimated net profit number of AED 220 million. Our estimate for the total net profit for 2007 will be revised upward by the same pattern of this quarter's profitability growth. This demonstrates our credibility in consistently maximizing returns on assets and equity which we have committed to our shareholders while maintaining stable and sustainable growth in our core business profitability.
He continued: "Tamweel conducted the first Islamic Residential Mortgage Backed Securitisation (RBMS) transaction in the world, which has received the highest outstanding ratings assigned by international rating agencies for a securitisation by a UAE-based institution: Aa2 by Moody's and AA by Fitch. We have also diversified our funding sources through agreements with several banks, enabling more cost-effective funding mechanisms for our regional expansion." Highlighting the key developments at Tamweel, Al Shirawi said: "There have been several positive developments for Tamweel this quarter. Tamweel was the first real estate financier to be appointed an Escrow account agent by Dubai's Land Department. We have also enhanced our partner network through our agreements with Dubai Land co-Developers and Abu Dhabi master developers like Sorouh Real Estate and Manazel. Tamweel's leadership position and strong commitment to the regional real estate market has been further confirmed by leading investment banking institutions such as EFG-Hermes, Shuaa Capital and Goldman Sachs, which have given positive reviews for the company in their recent research reports." Tamweel continues to demonstrate transparency and strengthen communication channels to its wide investor and shareholder base through its participation in local and international investor conferences. Reaching out to its stakeholders across the Middle East and the world, Tamweel remains dedicated to providing innovative real estate finance solutions. Source
Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, announced that the company?s net profits for the first nine months of 2007 reached AED 244 million, an increase of 147 per cent compared to AED 99 million for the first nine months of 2006.
Net profits for the third quarter 2007 stood at AED 136 million, an increase of 136 per cent compared to AED 58 million in the second quarter of 2007, and an increase of 175 percent compared to AED 49 million in the third quarter of 2006.
Income from Islamic financing and investing assets in the third quarter 2007 rose to AED 213 million, an increase of 97 per cent from AED 108 million in the third quarter of 2006.
Islamic financing and investing assets in the third quarter of 2007 rose to AED 4.17 billion (excluding AED 771 million worth of assets removed off balance sheet after recent securitization), an increase of 69 per cent compared to AED 2.47 billion in the same period of 2006. Assets under Tamweel's service have crossed the AED 9 billion mark.
Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said: "Our strong results remain driven by our continued focus on our core operations and strengthens our dominance of the mortgage market with a solid 34 per cent market share. We continue to be a pillar of the real estate sector as the biggest mortgage provider in the country. Our sterling performance in the first half of 2007 and sustained growth in the third quarter reflects the continued strong demand for the home finance solutions offered by Tamweel as well as the confidence of the public." Adel Al Shirawi, Chief Executive Officer of Tamweel, attributed these strong results to the focus of the team, extremely strong sales, and diversified funding mechanism. He said: "This has been an exciting year for Tamweel. We have achieved outstanding sales this quarter, amounting to approximately AED 2 billion, recording a phenomenal growth. Recording net profits for the first nine months of the year of AED 244 million has led to exceeding our overall 2007 estimated net profit number of AED 220 million. Our estimate for the total net profit for 2007 will be revised upward by the same pattern of this quarter's profitability growth. This demonstrates our credibility in consistently maximizing returns on assets and equity which we have committed to our shareholders while maintaining stable and sustainable growth in our core business profitability.
He continued: "Tamweel conducted the first Islamic Residential Mortgage Backed Securitisation (RBMS) transaction in the world, which has received the highest outstanding ratings assigned by international rating agencies for a securitisation by a UAE-based institution: Aa2 by Moody's and AA by Fitch. We have also diversified our funding sources through agreements with several banks, enabling more cost-effective funding mechanisms for our regional expansion." Highlighting the key developments at Tamweel, Al Shirawi said: "There have been several positive developments for Tamweel this quarter. Tamweel was the first real estate financier to be appointed an Escrow account agent by Dubai's Land Department. We have also enhanced our partner network through our agreements with Dubai Land co-Developers and Abu Dhabi master developers like Sorouh Real Estate and Manazel. Tamweel's leadership position and strong commitment to the regional real estate market has been further confirmed by leading investment banking institutions such as EFG-Hermes, Shuaa Capital and Goldman Sachs, which have given positive reviews for the company in their recent research reports." Tamweel continues to demonstrate transparency and strengthen communication channels to its wide investor and shareholder base through its participation in local and international investor conferences. Reaching out to its stakeholders across the Middle East and the world, Tamweel remains dedicated to providing innovative real estate finance solutions. Source
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