URC's earning per share in the first half of 2012 increased to 14.41 fils from 4.37 fils from the same period in 2011 and shareholders' equity increased by 7.9% from the same period in 2011 to reach KD207m. H1 results also displayed an increase in return on equity (ROE) from 2.6% to 7.9% in H1 2012, an increase of approximately 223%. Mid-year results were supported by stable growth in rental and hotel income as well as strategic acquisitions and dispositions of assets. Interest Coverage Ratio has increased from 2.9 in H1 2011 to 6.1 in H1 2012.
URC's key return drivers are attributed to maintaining a sizeable portfolio of quality properties and hotels that generate stable rental income. URC's Marina Mall and Crescent continue to be an important income-generating asset and its flagship Marina Hotel, recorded an average occupancy rate of more than 77% in the first half of 2012.
One of the most important transactions in the first half of the year was attributed to the sale of a land in Verdun, Lebanon. This successful asset sale enabled the Company to achieve outstanding returns for the first three months of the year.
Chief Executive Officer, Mohammed Ahmed Al-Saqqaf, commented, "The sale of Verdun was not a one-off sale, but rather a part of a larger strategic transaction where URC acquired full ownership of our high-end residential development in Beirut, Raouche View at 1090. As a real estate development company, we continue to seize investment opportunities that fit with our strategic plan and deliver the returns our shareholders require."
The Company's business strategy continues to focus on retail, commercial, hospitality and residential projects, capitalizing on its expertise in these areas. Significant geographic diversification has allowed URC to maintain a regional stronghold in Jordan, Oman, Egypt and Lebanon. URC has continued to leverage its experience in the commercial and hospitality segments to further develop its presence in the regional real estate market through strategic partnerships or holdings in related companies. The Company continues to source new investment opportunities with a focus on income-producing properties with competitive yields.
Mohammed Ahmed Al-Saqqaf, CEO, stated that, "URC is now embarking on a new phase of growth with the Executive Management Team in place to roll out a five-year corporate strategy plan for driving long-term sustainable growth. With continued support from the largest shareholder, KIPCO, URC is backed by a financially-sound shareholder with a long-term strategic vision. I would also like to thank the company's executive management for their continuous efforts and exceptional performance."
Source: http://www.ameinfo.com/united-real-estate-company-announces-first-half-308699
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