Monday, December 16, 2019
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Tamweel profits jump 43% on cost reductions

Dubai: Tamweel on Sunday reported a 43 per cent jump in 2013 net profit to Dh103.9 million compared to Dh72.5 million in 2012.

The group recorded an operating income of Dh549.3 million last year compared to Dh603.2 million.

The growth in profit resulted from three per cent improvement in the operating income net of depositor’s share of profit, cost reduction and lower charge for impairment provisions.

Islamic financing and investing assets in 2013 decreased to Dh7.67 billion compared to Dh9.32 billion in 2012. Tamweel has proposed a dividend of 5 fils per share, unchanged on the previous figure.