UAE-Reem Investments PJSC posts AED238.7 million profits 

(MENAFN - Khaleej Times) The Board of Reem Investments PJSC, the Abu Dhabi-based investment company, has announced profits of AED 238.7 million for the financial year 2010 at its annual general meeting on 11 May 2011.

This represents a return on equity of 5% and an EPS (Earnings Per Share) of AED 1.53, according to a statement by the company.

Commenting on the company's financial performance, its Chairman, H.H.Sheikh Tahnoon Bin Zayed Al Nahyan, said: "Reem Investments was able to put in a strong performance as a result of conservative measures we had taken in previous years to protect ourselves from market forces.

"These measures included our master development policy to sell land plots to strong established players as well as our decision not to revalue our land at Najmat Abu Dhabi during the boom times in order to post healthier profits. Last but not least, we adopted measures to control costs and followed a prudent investment strategy. Our strong financial position is proof that we are well equipped to meet the demands ahead as we look to build on our ongoing development and exploit new business opportunities."

In his annual report, the company's Managing Director, Abdulhamid M. Saeed, explained that Reem gave priority to the successful execution of the infrastructure works on its projects.

In April 2010, the company successfully completed the infrastructure works in Rawdhat, one of the two mega projects being undertaken in the UAE capital by its real estate arm, Reem Developers. By the end of 2010, Reem had completed 90% of Phase 1 infrastructure works at Najmat and had also commenced Phase 2 infrastructure works, which included the beaches at the Reem Island project.