Tasweek posts 4th straight year of profit
, April 8, 2013
Tasweek Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets, said the company has registered its fourth straight year of profit growth despite challenging market conditions.
Announcing the results, Tasweek CEO Masood Al Awar said the company had tripled its profit in 2012 mainly on the back of a 63 per cent increase in annual income along with an improvement in the net profit ratio of 50 per cent in 2012 compared to 25 per cent the previous year.
“The numbers say it all: consistent growth, a solid portfolio and positive market response. 2012 was marked by great achievements which we intend to carry forward to the coming months. With our connection to some of the world’s most desired developments, we are more than ready to take our performance and our industry standing to even greater heights," stated Al Awar.
"The company also logged a 48 per cent rise in its investment portfolio representing acquisition of income bearing investments with guaranteed revenue streams, as well as the commencement of a mixed use development comprising a hospital that is fully leased to an operator, a five-star hotel and a residential building on a plot of land situated on a prime location," he noted.
These strong investment acquisitions further expanded the depth of Tasweek’s portfolio and its international reach of trophy assets, Al Awar said at the annual general assembly on Monday.
According to him, the $250 million property portfolio that the company had been building up since late 2009 has continued to live up to its potential of capital growth and steady income.
"Overall, the company was able to sustain its management strategy of achieving robust credit rating and healthy ratios to energize business and maximize shareholder value. As proof, it was able to attain a cumulative equity growth of 19.7 per cent for shareholders while maintaining excellent liquidity," he added.
Commenting on the results, chairman Mohamed Khalifa Fahed Al Mehairi said, "While the markets are still embarking on an uphill climb in general, we intend to remain resilient and focused. We shall, as always, draw from our commitment to accountability, integrity and professionalism to bring to you all another year of growth and vision."-TradeArabia News Service