Tadhamon Capital announces 35% increase in net profit for the year 2013
Tadhamon Capital, a category 1 Islamic Investment Company, regulated by the Central Bank of Bahrain, has announced a net profit of US$3.1 million for its fourth year of operations for the year ended 31st December 2012 compared to US$ 2.3 million for 2011. Total revenue for the year amounted to US$8.3 million (2011: 7.7 million), which include fee income of US$3.6 million (2011: US$ 6.4 million).
Commenting on the results, the Company’s Chairman Mr. Abdulgabbar Hayel Saeed said: “We are very pleased with our performance. The company has exceeded its forecasted profit mainly due to the performance of its investment portfolio and the closing of new investment transactions.”
Mr. Saeed expressed his sincere gratitude to the company’s investors for their continuous support to the Company and he thanked the regulatory authorities in the Kingdom of Bahrain for their constant support.
Chief Executive Officer and Board Member Waleed Abdulla Rashdan stated that the Company’s strategy is to focus on growing its portfolio of assets under management “In 2012 we successfully closed two major transactions. The first was Paris Gardens, the development of a student accommodation facility in Central London, part of our real estate Social Infrastructure focus in the UK.
The other transaction, the Tadhamon Aviation Equipment Fund, is structured through an Ijarah leasing contract to finance a full flight simulator for an Airbus A330 to Gulf Aviation Academy, a subsidiary of Mumtalakat. 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, & Treasury & Capital Markets”.
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 the Company’s incorporation in 2008.