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Dubai: Amlak Finance on Sunday, reported a 155 per cent jump in its net profit to Dh269 million for the first half of the year, up from Dh106 million in the same period in 2007.
The Islamic mortgage lender's revenue for the first six months of 2008 reached Dh620 million, up 114 per cent compared with the same period last year.
Amlak's property financing activities contributed 52 per cent to the revenue, a company statement said.
The company's assets, as of June 2008, stood at Dh14.2 billion, a growth of 133 per cent compared to Dh6.1 billion in the same period last year.
Nasser Bin Hassan Al Shaikh, chairman of Amlak Finance, emphasised that Amlak upgraded its profit forecasts for 2008 based on its performance in the first half of the year.
This year, Amlak aims to achieve a growth of over 90 per cent in net profit.
Amlak's business volume reached Dh17.1 billion in the first six months of 2008. It consists of Dh8.6 billion of financing and investing assets, with Dh2.4 billion of financing commitments extended to customers.
This is an increase of 80 per cent compared with half year 2007.
Amlak also has a real estate investment portfolio worth Dh6 billion.
Al Shaikh added, "Our regional subsidiaries in Saudi Arabia and Egypt also saw an increase in capital in the second quarter of 2008."
On the regional front, Arif Al Harmi, chief executive of Amlak, said, "We have a planned expansion roadmap for the region, as we move rapidly toward launching our operations in Jordan, Qatar and Syria."
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