Masood Al Awar, CEO, TASWEEK Real Estate Marketing & Development
TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets, has announced that it has posted its fourth straight year of profit growth during its Annual General Assembly for the year ended December 31, 2012 held at Abu Dhabi securities exchange ADX office.
TASWEEK has tripled its profit last year, attributed to 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 in the previous year. 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 of 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. These Strong investment acquisitions further expanded the depth of TASWEEK’s portfolio and its international reach of trophy assets. The USD 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.
“TASWEEK takes great pride in announcing to its valued partners, customers and supporters that we have once again been able to remain profitable despite very challenging market conditions. 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,” said Mohamed Khalifa Fahed Al Mehairi, Chairman, TASWEEK Real Estate Development and Marketing.
“The numbers say it all: consistent growth, a solid portfolio and positive market response. The year 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. Our heartfelt thanks to our partners, stakeholders and supporters for tirelessly standing by us on this remarkable journeu,” added Masood Al Awar, CEO, TASWEEK Real Estate Marketing & Development.
TASWEEK Real Estate Development and Marketing is a one-stop shop for property development driven by its core competencies of networking and know-how. Its offerings cover the rich spectrum of Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy. TASWEEK will be continuing its regional and global expansion plans throughout 2013.