Tasweek’ s 2011 profit up 7pc
Abu Dhabi, April 26, 2012
UAE-based Tasweek Real Estate Development and Marketing, a leading real estate services provider, reported a 7 per cent profit hike in 2011 over 2010 driven by a 29.8 per cent increase in investment income.
This was partly offset by a decline in deposit income, as banks continued to uphold lower deposits rates in 2011, Tasweek management said at the recent general assembly of the company in Abu Dhabi.
The company also revealed a rise in shareholders’ equity and robust liquidity during the period.
Tasweek was also able to expand its investment portfolio by 32.5 per cent last year via income-bearing assets in the UAE and Malaysia.
Besides it successful investments, the company also approved and launched fresh investment initiatives centering on developments in the UAE and Morocco aimed at broadening its asset base and adding depth to its investment portfolio across various geographical segments.
Overall, Tasweek has logged a cumulative equity growth of 10 per cent for its shareholders besides maintaining strong liquidity. The primary objective of the company’s capital management strategy is to secure a strong credit rating and healthy ratios to support the business and maximize shareholder value.
A highlight for Tasweek in 2011 is the addition of multiple investments opportunities to its $250 million property portfolio that it has been building up since late 2009 to ensure consistent income streams and capital growth, Tasweek said in a statement.
The balanced portfolio will cover investments in development joint ventures, income bearing assets, and mezzanine funding. Investors can avail of flexible options and schemes for various hospitality, residential, commercial, healthcare, and mixed-use developments worldwide, with tenure of 10 years at an internal rate of return of 25 per cent.
“This will definitely be another banner year for us as we unveil some of the world’s best developments under our $250 million portfolio,” said Masood Al Awar, CEO, Tasweek Real Estate Marketing & Development.
“As usual, the convenience and needs of our customers will be at the core of our plans and activities, while our professional and highly motivated team will be the drivers of our growth. We thank our partners, stakeholders and supporters for accompanying us over the past three years and promise them another successful journey ahead. – TradeArabia News Service