Amlak Finance has reported a net profit of 7.3 million Emirati dirhams ($1.9 million) for the three-month period ending March 31, 2004, up 552 percent on the same period last year.
Revenue was up 280 percent on the same quarter in 2003 to Dh 13.5 million, while annualized earnings per share is estimated at Dh 0.04 based on a par value of one dirhams per share.
Established in 2000, Amlak Finance is the first consumer finance company in the region to offer mortgages for homeowners to the Gulf. Amlak is majority owned by Emaar Properties that retains a 45 percent stake in the company. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed 33 times, increasing its capital to Dh 750 million and its conversion into an Islamic financial institution. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
