Masood Al Awar
Tasweek posts 112pc rise in 2013 profits
Abu Dhabi, April 23, 2014
Tasweek Real Estate Development and Marketing, a top solutions provider to real estate markets, posted a 112 per cent increase in profit in 2013 over the previous year during its recent Annual General Assembly held at Hilton Abu Dhabi.
The company attributed its fifth consecutive year of profit growth mainly to a 77 per cent increase in annual revenues as well as a 60 per cent improvement in the Net Profit Ratio compared to 50 per cent in the previous year.
Tasweek shareholders have benefited from a cumulative equity growth of 37 per cent following the company’s posting of its highest-ever profit since its inception in 2009, a statement said.
The net profit it earned by the end of 2013 managed to top the combined profits of prior years, it added.
Tasweek also boosted its investment portfolio by 27 per cent in 2013 as it consolidated investments in key developments such as Health Care City in Morocco and launched major projects such as a strategically located mixed-use property comprising a hospital, a five- star hotel, and a residential building.
“Despite being accustomed to year-on-year growth, Tasweek will continue to pursue higher levels of quality and service excellence,” said Nasser Bin Obood Alfalasi, chairman, Tasweek Real Estate Development and Marketing.
“We have been able to achieve 20 years of innovation and leadership because we are always driven to deliver in a better, faster and more market-relevant manner. As usual, we will thoroughly explore new opportunities in the coming months to deliver a unique and unparalleled real estate experience.”
Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing, said: “Given the turbulence of the regional and global property markets over the past few years, we consider it a great achievement to have logged our fifth straight year of profitability in 2013.”
“We are proud of how we were able to maintain a strong bottom-line growth for our diversified asset base. As always we commend our team for their hard work and dedication.
“We of course also thank our customers, partners and stakeholders for continuing to put faith in our vision of real estate excellence and for supporting the buildup of our global portfolio. There are a number of planned projects in the pipeline which will sustain our profitability while bringing us further towards new markets and opportunities,” he added. – TradeArabia News Service