Reem Investments posts Dh152 million net profit

Abu Dhabi (WAM): The Board of Reem Investments PJSC, the Abu Dhabi-based investment company, has announced net profit of Dh152 million for the financial year 2013 at its annual general meeting. Abdulhamid M. Saeed, Managing Director of Reem Investments, commenting on the company's financial performance on behalf of its Chairman, H.H. Sheikh Tahnoon bin Zayed Al Nahyan, said, "Reem Investments continued to adopt prudent measures in response to changing market conditions to ensure that the company is well positioned to create long term value for its shareholders". The Board of Directors proposed a 10% cash dividend distribution based on the capital of Dh 777.5 million which has been approved by the AGM. The company continues to remain on a strong footing on the balance sheet as reflected in net assets of Dh4.8 billion. In the chairman's report, Abdulhamid M. Saeed advised that the company had commenced work on the construction of Nalaya Villas, comprising 42 luxury villas in Najmat on Reem Island, Abu Dhabi. – Emirates News Agency, WAM