News Column

Tasweek gives 60% of ?'13 profit as bonus shares

May 1, 2014

Tasweek Real Estate Development and Marketing announced that its board of directors has distributed 60 per cent of its 2013 profits to shareholders as bonus shares.

This follows the company's recent report of a record-breaking profit in 2013 that surpassed the total of all prior years to continue a five-year profit run. The Abu Dhabi based property specialist posted a phenomenal increase in profit over 2012 driven mainly by a 77 per cent increase in annual revenues. Tasweek also boosted its net profit ratio by 60 per cent in 2013 to top the previous year's 50 per cent.

Its investment portfolio expanded by 27 per cent for the same period and saw the launching of various key projects such as a mixed-use hospital/hospitality/residential complex in Morocco and a hospitality and residential development in Malaysia.

"We have had an incredible five consecutive years of growth so far, so it is but fitting that we reward our loyal stakeholders for their support and trust in our vision through this profit sharing. Moving forward, we have a number of business expansion and performance improvement plans lined up for 2014 which will sustain our momentum by leveraging some of most promising real estate opportunities in Eastern Asia, the US and Europe," said Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing.

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Source: Khaleej Times (United Arab Emirates)

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