AMLAK profits soar 300%

Board agrees to no dividend payment for 2004

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By  Mark Johnson Published  January 12, 2005

AMLAK Finance, has announced a 300% growth rate in its net profit for the year ending December 31, 2004, based on the management financial accounts. In order to maintain a solid foundation to sustain the Islamic finance house’s momentum for growth and expansion, AMLAK’s board of directors will recommend to shareholders at the company’s annual general meeting (AGM), scheduled to be held within the next two months, that no dividend be declared for the year ending 31 December 2004. This announcement follows the company’s board meeting held on 11 January 2005, where the board and the company’s chairman, Mohamed Ali Alabbar, convened to discuss the financial performance of AMLAK during its first year of operation as a public joint stock company following its successful IPO and subsequent conversion into an Islamic institution.

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