Tadhamon net profit up 35pc
Manama, April 15, 2013
Bahrain-based Tadhamon Capital, a 100 per cent-owned subsidiary of Tadhamon International Islamic Bank, has reported a 35 per cent increase in its net profit which hit $3.1 million for 2012, compared to $2.3 million the year before.
Tadhamon Capital enjoys a highly liquid balance sheet due to investments in short-term Sharia-compliant products.
It is currently funding most of its long-term investments from its existing investor base which has been gradually growing since incorporation in 2008, reported the Gulf Daily News, our sister publication.
The company's total revenue for the year amounted to $8.3 million, against $7.7 million in 2011. The revenue includes fee income of $3.6 million, compared with $6.4 million in 2011, it added.
"The company exceeded its profit forecast mainly due to the performance of its investment portfolio and the closing of new investment transactions," said chairman Abdulgabbar Saeed.
Chief executive and board member Waleed Rashdan said the company's strategy is to focus on growing its portfolio of assets under management.
"Last year, we successfully closed two major transactions. We are optimistic about the future and have implemented our new five-year business plan that will focus on our three business lines - real estate investments, alternative investments and treasury and capital markets," Rashdan stated.
Tadhamon International Islamic Bank is majority owned by a leading regional conglomerate, Hayel Saeed Anam and Company Group, with Qatar Islamic Bank as a prominent shareholder.-TradeArabia News Service