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Tamweel Reports Net Loss of Dh112.3m
DUBAI - Softer housing demand and scarcer credit has taken a heavy toll on profits for Tamweel PJSC, with the Dubai--based mortgage lender posting a net loss of Dh112.3 million in the fourth quarter of last year compared to a net profit of Dh207.2 million in the same period of 2007.
Tamweel’s full-year net profit edged higher to Dh460.7 million, up by 2.2 per cent from Dh451.2 million in the previous year.
Trading in the shares of Tamweel and its rival Amlak Finance was suspended by the Dubai bourse in November, when the federal government announced that the two mortgage providers — the country’s largest — would be merged.
The government plans in coming weeks to reveal its final plans to restructure the lenders, Tamweel’s Chairman Shaikh Khaled bin Zayed bin Saqer Al Nahyan said on Wednesday.
“Fourth-quarter profitability was impacted by a sharp rise in funding costs, significantly lower business origination levels which affected fee income, substantially lower income from property sales, one-off expenditure incurred on international business, and higher prudential provisioning on the home finance portfolio,” Tamweel said in a disclosure to the Dubai Financial Market.
Tamweel’s Chief Executive Officer Wasim Saifi said that with adverse market conditions and tight liquidity, the company took provisions for potential bad debts and delinquencies. Income from fees and commissions for the year tumbled by 78 per cent to Dh67.1 million, while its annual income from “sale of development property” fell by 80 per cent to Dh1.69 million. Administrative expenses in 2008 grew to Dh365.2 million from Dh131.8 million the year before.
On the positive side, Tamweel’s annual income from “sale of properties held for sale” more than tripled to Dh429.0 million, while income from Islamic financing more than doubled to Dh743.1 million.
For 2009, the company said it is focusing on consolidating its assets.
Shares of Tamweel was last traded at Dh0.99, while Amlak was at Dh1.02.
· rocel@khaleejtimes.com
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