Reem Investments, a key player in the Abu Dhabi real estate and financial investment sector, said it has registered a net profit of Dh103.3 million ($28 million) for 2012 compared to Dh159 million the previous year.

Announcing the result at the annual general meeting, the managing director, Abdulhamid M. Saeed said,"Reem Investments has demonstrated resilience and adopted the strategy focused on completing existing development projects and adopting cautious investment philosophy while keeping its cost base low."
 
The book value of the company stood at Dh55 per share, reflecting a 6.4 per cent increase over 2011 and an EPS (Earnings Per Share) of Dh1.33.

The board has proposed a 10 per cent cash dividend based on the capital of Dh777.5 million which has been approved by the AGM, said Saeed.

"This would mean that the company would have in net effect distributed Dh1.55 billion or 100 per crnt of the original invested capital back to the shareholders since the company’s inception in 2005 through the form of 50 per cent capital reduction and 50 per cent dividends over the years," he added.

In the chairman’s report, Saeed, reported that in 2012, the company has a shareholder’s equity of Dh4.2 billion which is represented through land bank in prominent locations in UAE and a diversified portfolio of investments.

In terms of liquidity, the company reported cash in hand of Dh352 million as at December 31, 2012 in addition to the Dh872 million of publicly traded equities and bonds.-TradeArabia News Service