EGYPT: Amlak Finance saw a 155 percent increase in its net profit to AED 269 million in the first half of 2008.
The results are up from AED 106 million during the same period last year.
Amlak Finance, the largest real estate financier in the Middle East, released its preliminary financial results for the half year of 2008, posting revenue at AED 620 million, up 114 percent compared to the previous year.
Nasser Bin Hassan Al-Shaikh, chairman of Amlak Finance, said, “We have successfully fortified our UAE operation and are moving closer toward full operational capability and profitability with our regional subsidiaries in Saudi Arabia and Egypt, which saw an increase in its capital in the second quarter of 2008 from LE 50 million to LE 125 million.
“We have also successfully concluded the Initial Public Offering of Amlak Finance Jordan, with JD 145,610,306 amount subscribed and number of subscribers reaching 7,399.
Amlak Finance’s company’s property financing activities contributed to 52 percent of total revenue.
Total assets, as of June 2008, stood at AED 14.2bn, a growth of 133 percent.
Total volume of business reached AED 17.1 billion, consisting of AED 8.6 billion of financing and investing assets, with a further AED 2.4 billion of financing commitments extended to customers, marking an increase of 80 percent compared to half year 2007.
The company also has a AED 6 billion portfolio of real estate investments.
Al-Shaikh emphasized that Amlak upgraded its profit growth forecasts for 2008 based on its strong performance in the first half of the year, where it aims to achieve in 2008 a growth of over 90 percent in net profit over the previous year.
Arif Alharmi, CEO of Amlak Finance, said, ” We have a planned an expansion roadmap for the region, as we move rapidly toward launching our operations in Jordan, Qatar and Syria, and we look forward to maintaining this growth and achieving many more milestones toward the end of the year.
