Amlak Finance, a leading Islamic home finance company, posted a net profit of Dh67 million in the third quarter of 2007, up 98 per cent against Q3 2006.

According to the company's premiliminary results, revenue over the quarter was Dh155 million, up 59 per cent against Q3 2006.

Growth over the financial year 2007 has been consistently strong, with the company achieving 50 per cent growth in the first nine months of FY07 with Dh173 million combined net profit as of September 30, 2007. This is in part due to a 43 per cent growth in revenue from financing activities, underlining Amlak’s focus on its core business activities, said a statement.

Over the nine-month period (Jan-Sept 2007), this equates to an earnings per share (EPS) of  Dh0.15, against the 2006 figure of Dh0.1, and 12.2 per cent as a return on equity against the 2006 figure of 8.3 per cent.

Amlak’s growth in the third-quarter of 2007 has been in line with the company’s strategic vision of becoming one of the region’s most respected companies. The continued growth in return on assets and return on equity demonstrates consistent commitment to Amlak’s shareholders.

“These record results that the company has achieved will support our position as a leader in the property financing market,” said Nasser Bin Hassan Al-Shaikh, chairman, Amlak Finance. “Not only will this strengthen our corporate position, it will also serve the long term interests of our shareholders. We committed at the beginning of the year to deliver over 70% growth in annual profit, and remain focused on this goal. These results are testament to the focus and dedication of Amlak’s team in maximising the potential of the existing portfolio as well as driving new business development; exceeding of our all expectations.”

During the second half of 2007, Amlak was the first UAE home finance company to be appointed as an official Escrow agent by the Dubai Land Department, to be regulated by the Real Estate Regulatory Agency.

In early September, the company signed a Memorandum of Understanding with International Finance Corporation (IFC), a member of the World Bank Group, to make home ownership more affordable through joint venture partnerships which will develop the home finance market in targeted countries.-TradeArabia News Service