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Thu 24 Apr 2014 04:03 PM

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UAE's Tasweek reports 112% profit increase

Real estate firm recorded its highest-ever profit since its inception in 2009

UAE's Tasweek reports 112% profit increase
Masood Al Awar, CEO, Tasweek.

Tasweek Real Estate Development and Marketing has posted a 112 percent increase in profit over 2012.

The company attributed the results mainly to a 77 percent increase in annual revenues as well as a 60 percent improvement in the net profit ratio compared to 50 percent in the previous year.

Shareholders have benefited from a cumulative equity growth of 37 percent following the company’s posting of its highest-ever profit since its inception in 2009.

Tasweek also boosted its investment portfolio by 27 percent in 2013 as it consolidated investments in key developments like healthcare city in Morocco and launched major projects such as a 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, added: “There are a number of planned projects in the pipeline which will sustain our profitability while bringing us further towards new markets and opportunities.”

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