Amlak Finance profits up 314%
The Islamic finance and home finance pioneer also witnessed a record 199% increase in revenues
Amlak Finance has announced record annual profits of Dh58 million (US$15.8 million) for last year. The 314% rise represents a significant increase over the previous year's figure of Dh14 million.
The Dh58 million profit includes depositors' share.
After a distribution of Dh10.28 million to depositors, the profit attributable to the shareholders was Dh47.75 million.
The Islamic finance and home finance pioneer also witnessed a record 199% increase in revenues to reach Dh84.356 million for 2004 from Dh28.186 million in 2003.
Remarking on Amlak's performance in its first year as a public company, CEO Mohammed Ali Al Hashimi said:
"Amlak has cemented its reputation as a leading Islamic finance institution and continues to set benchmarks in the industry.
"This has been reflected in its financial performance in 2004, when the company exceeded all expectations, beginning with its hugely successful IPO in January that was more than 33 times oversubscribed.
"Amlak's profit in 2004 continues to record excellent growth -- a reflection of its ability to maintain its status as a leading provider of home finance in the market, as well as to evolve and grow in the field of Islamic finance and capture market opportunities when they arise both locally and internationally," Al Hashimi said.
In 2004, the company completed its conversion to an Islamic finance institution to cater to the rising demand for Islamic finance and to directly respond to the region's need for sound Shariah compliant investments.
Other ventures in 2004 include the formation of a joint venture home finance company in Turkey with Kuwait Finance House, and lead manager roles in a number of syndication finance transactions for some of the region's leading corporations.