RealCAPITA saw its income rise by 80 per cent last year as the firm moved into the European and Saudi markets.

The Bahrain real estate investment firm also plans to announce details of a new $500 million project in the near future in a move that will push the company's value to more than $1 billion.

Speaking at the company's annual general meeting at the Moevenpick Hotel, RealCAPITA chairman Ahmed Al Dhahry said that achievements realised by the firm were indicators of its persistent ambition for success and excellence.

By the end of its second year in operation, the company proved its ability to pursue growth strategy as stipulated in the diligently drafted business plan, he said.

"Last year witnessed a giant leap in our successful journey where we managed to achieve substantial increase in our financial results," he said.

"Our income for the year jumped by 80 per cent to reach $24.8 million and our net income increased by 72 per cent over the previous fiscal year's results to reach $15.1 million.

"On this basis, the board has recommended a dividends distribution of 15pc of the company's paid-up capital with 5 per cent in cash and 10pc in shares.

"The outstanding results achieved by RealCAPITA in its relatively short time in operation have come as a result of its sustained efforts and ambitions which coincided with its entry into the European and Saudi markets," he added.

"The RealPALAIS project on the French-Swiss border and Al Jubail Development company established in the industrial city of Jubail are providing us with exposure in two of the most vibrant and rapidly developing real estate markets."

"Seeking to leave its mark on the international real estate map, RealCAPITA has been pursuing a strategy, both within Bahrain and globally, whose steps have been thoroughly examined and carefully studied, as it strives to engage in assessing projects that span a number of the promising global markets," said vice-chairman and president Mohammed Al Tawash.

He said that the company is currently planning to expand its signature developments in Morocco and Southeast Asia.

Al Tawash said a new $500 million project will be announced shortly.

"To demonstrate our continued commitment towards our main mission, real estate development, the team is currently managing six active developments in three continents, bringing quality and best practices to ensure set timelines are met and optimum results are achieved, aiming to increase the market value over $1 billion," he added.-TradeArabia News Service