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Jul. 24, 2018 | 12:20 AM

Solidere set to replace seven board members in big shake-up

A general view in Downtown Beirut, Wednesday, Nov. 1, 2017. (The Daily Star/Mohammad Azakir)

This article was amended on Wednesday, July 25 2018

In a previous version of this article, The Daily Star mistakenly reported that Mr. Mounir Douaidy is no longer a board member and General Manager of Solidere. Mr. Douaidy is still the General Manager of Solidere despite his resignation from the board of directors. The Daily Star regrets this error.

A version of this article appeared in the print edition of The Daily Star on July 24, 2018, on page 1.

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Summary

Lebanon's largest listed company is expected to replace seven members of its board of directors Tuesday in a major shake-up, after Solidere incurred massive losses in 2017 .

According to Deloitte's audited financial statement, Solidere reversed the net profit the company had made in 2016 with an astonishing loss of $116.4 million in 2017 .

The company's total cost of revenues declined from $79.8 million in 2016 to $31.4 million in 2017 . This included a fall in the cost of land sales, which stood at $17,487 last year.

The cost of rendered services rose from $3.7 million in 2016 to $4 million last year, while the cost of hospitality fell from $438,748 in 2016 to $295,317 in 2017 .

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Solidere set to replace seven board members in big shake-up

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