Solidere Int’l profits jump fivefold in 2014

The rise in share value adds over $100 million in capitalization to the Beirut Stock Exchange.

BEIRUT: Profits of Solidere International, excluding Lebanon’s operations, rose 482.6 percent to $67 million in 2014 from $11.5 million in 2013, the company said Monday.

“The company recorded strong financial results, with a marked increase in net income which neared $67 million in 2014 and an approximate 10 percent increase in asset value,” Solidere said in a statement.

Nasser Chammaa, chairman of SI, underlined the importance of 2014’s financial results, which will attract further investments in the company and its projects.

“The results reaffirm the strategic direction of Solidere International which aims at continually generating the highest value for shareholders and delivering superior returns, in line with our long-term commitment toward them,” he added.

The statement said that during the past year, the company’s planned developments in Saudi Arabia and the UAE witnessed significant progress in construction activity.

All of the company’s projects are currently under construction. The luxurious 48-story Golden Tower in Jeddah will be delivered by end of 2016, the statement said.

The Solidere statement also said that in emerging north Jeddah, works have advanced on the 1 million square-meter plot of land dubbed Rayat Obhur.

“This land development project is being made ready to house two residential communities surrounded by a number of commercial strips and open public spaces.”

The company also acquired a 186,000 square-meter plot, strategically located along the Corniche of Obhur, close to Kingdom City, where it is undertaking another land development project aimed at promoting a new residential, semi-gated, contemporary lifestyle community catering to Saudi nationals.

Net profits of Solidere’s operations in Lebanon jumped by 144 percent to $96.9 million in 2014 compared to $39.7 million a year earlier. Solidere announced earlier that it has decided to distribute a third of the profits to shareholders as dividends. Solidere A and B shares closed Monday at $11.64 and $11.62 respectively.

A version of this article appeared in the print edition of The Daily Star on June 09, 2015, on page 5.




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