Solidere S.A.L, Lebanon’s leading real estate company, reported a net profit of $96.90M for FY 2014, in comparison to $39.68M for the previous year, and in line with Blominvest’s estimates. The group’s consolidated revenues recorded $239.01M, a 47.30% annual increment, while net profits soared 167.02% year-on-year (y-o-y) to $113.70M.
In details, Solidere’s revenue from the land sales leapt 78.60% year-on-year (y-o-y) to reach $169.47M as a direct result of 7 new sales contracts during 2014. Revenue from rented properties displayed a similar increase of 12.03% to $61.48M over the same period following the opening of the movie theater at year-start and despite the company applying more relaxed rent policies on customers considering the economic slowdown the country is experiencing.
The consolidated profits were also boosted by the improving standing of Solidere International, which contributed $25.10M to Solidere’s profits.
Solidere’s healthy position is backed by the company’s land bank of 1.8 million m2 with an estimated value of $7B and a real estate portfolio of completed projects for sale and rent worth an estimated $1.4B.
In relation to these financial results, Solidere S.A.L invited holders of the company’s listed “A” and “B” shares to an ordinary general assembly, scheduled for Monday June 22nd at 9:30 a.m in Biel. The assembly schedule includes the discussion of the company’s 2014 financial results, the election of members of the board of administrators and the assignment of an auditor’s committee. Dividends will also be decided on, with a suggested payout ratio of 33%, noting that the company’s last distribution was in 2012.