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FINANCIAL NEWS
UAE- Tamweel’s Jan-Sep net profit down to USD12.24m
23 Oct 2012
(MENAFN) UAE’s Tamweel’s PJSC chairman, Abdulla Ali Al Hamli, stated that in the January-September period, the company’s net profit fell to USD12.24 million, compared with USD19.32 million in last year’s same period, reported Emirates 24/7.
Al Hamli attributed the decline in the Islamic home finance provider’s profit to provisions and higher funding costs.
However, operating income in the 9-month period grew to USD123.02 million, compared with USD121.39 million in 2011’s same period.
He said that the company continues to tap the UAE’s enhancing property market, as the sector recovers, with average home prices growing between 10-15 percent over an 18-month period.
It is worth noting that during the current year, Tamweel secured funding of USD300 million by placing dollar denominated sukuk.
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