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Solidere records USD 63 million in profits in 2016
4-5-2017
The real estate and reconstruction of Downtown Beirut company, Solidere, announced in a statement yesterday its fiscal results for 2016 which recorded the total earnings before tax at USD 81.3 million and net profits after deduction of corporate tax at USD 63.1 million. The unified financial report for the year 2016 indicated that the net operating profit after tax reached USD 75.3 million, after adding Solidere’s share from the achieved revenues of the affiliate companies, notably Solidere International (Solidere has 39% share in it), which made USD 36.8 million in net profit in 2016. Solidere’s statement said the above positive results come after the unfavorable results of 2015, but which during the first half of 2016, saw a breakthrough attributed to the rise in land sales. According to the statement, Solidere’s indebtedness to the banks has fallen from USD 683 million in 2015 to USD 606 million by the end of 2016, the statement added, pointing to another current decline to USD 588 million. The company, the statement wrote, has continued its policy of cutting operating expenses, including maintenance and management of rented buildings, in addition to administrative and general expenses, namely cutting down the number of employees in the operational and administrative departments of Solidere. This, the statement said, is in view of a general decline in the size of business and the freezing or suspension of many development projects due to the precarious conditions in the country, the economic slowdown and the weakness of the real estate market. The statement concluded by pledging that Solidere shall continue its balanced policy to achieve its goals, protect the rights and interests of its shareholders, with focus on reducing the operating expenses and striking new sales deals. (Al Mustaqbal, May 4, 2017(
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- العربية
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