Tasweek reports 112% profit increase
Profit is company's highest-ever since its inception in 2009
Tasweek Real Estate Development and Marketing has posted a 112% increase in profit over 2012.
The company attributed the results mainly to a 77% increase in annual revenues as well as a 60% improvement in the net profit ratio compared to 50% in the previous year.
Shareholders have benefited from a cumulative equity growth of 37% following the company’s posting of its highest-ever profit since its inception in 2009.
Tasweek also boosted its investment portfolio by 27% in 2013 as it consolidated investments in key developments like healthcare city in Morocco and launched major projects such as a strategically located 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.”