Reem Investments announces $43.2m profit
Abu Dhabi, April 1, 2012
The board of Abu Dhabi-based Reem Investments has announced profits of Dh159 million ($43.2 million) for the financial year 2011 at its annual general meeting held recently.
This represents a return on equity of 4 per cent and earnings per share (EPS) of Dh2.05 ($0.56).
Sheikh Tahnoon Bin Zayed Al Nahyan, chairman, Reem Investments, said: “Reem Investments has continued to distinguish itself in these challenging times by delivering positive results based on strong financial fundamentals. The company has recorded profits in all seven years since its inception in 2005. Our net profit of Dh3.6 billion ($0.98 billion) since 2005 represents 2.4 times over the original capital of Dh1.55 billion ($0.42 billion).”
“In addition, the board of directors is proposing a 10 per cent dividend distribution based on the new capital of Dh777.5 million ($211.7 million). With this proposal, the company would have distributed Dh1.47 billion ($0.4 billion) or 95 per cent of the original invested capital back to the shareholders over a period of seven years,” he said.
Abdulhamid M Saeed, managing director, Reem Investments, said: “In 2011, the company’s financial investments contributed a net gain of about Dh109.9 million ($29.93 million). On the real estate front, the company recognised Dh281.9 million ($76.76 million) in revenue from land sales.
A total of 43 and 19 plots were handed over in Najmat and Rawdhat respectively, a statement said.
M Saeed said in 2012, the team will move into warehousing and the self-storage sectors and private equity fund management as well as create new demand for its land bank. – TradeArabia News Service