2014-04-23 10:40:07 - 112 per cent profit increase driven by 77 per cent rise in annual revenues, 60 per cent Net Profit Ratio growth
April 23, 2014
TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets, announced its fifth consecutive year of profit growth during its latest Annual General Assembly covering the year ended December 31, 2013 held at Hilton Abu Dhabi. The company posted an impressive 112 per cent increase in profit over 2012, which it attributed 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 benefitted from a cumulative equity growth of 37 per cent following the company’s posting of its highest-ever profit since its inception in 2009. The net
profit it earned by the end of 2013 managed to top the combined profits of prior years. 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. 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,” said Nasser Bin Obood Alfalasi, Chairman, TASWEEK Real Estate Development and Marketing.
“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,” added Masood Al Awar, CEO, TASWEEK Real Estate Development and Marketing.
TASWEEK Real Estate Development and Marketing is a one-stop shop for property development driven by the core competencies of networking and know-how. The company offers Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy. TASWEEK’s diverse asset base includes a healthy stream of innovative proposals currently under negotiation which have strong potential to generate considerable income and bring substantial return on equity for shareholders.