Lebanon Businessnews News
 

Solidere expects better sales
Some projects put on hold
Share on Facebook     Share on LinkedIn        
WatsApp
Solidere said it entered serious land sale negotiations. The company said it expected to conclude a number of deals before year’s end. A report by FFA Private Bank said Solidere’s revenues from land sales are expected to grow from $50 million in 2012 to $117 million in 2013, raising total net profit to $52 million, up from $18 million. More than 80 percent of Solidere’s revenues come from land sales.

The company is adopting a cautious attitude. It put three planned developments on hold but is proceeding with another two. The first is a mixed use development comprising furnished apartments, retail stores, a spa, and a wellness center. The second project is the completion of the north souks.

Solidere is also currently finalizing a 4,000 square meter cinema theater complex that will be delivered this year.

The FFA report kept expectations high for Solidere shares: “We maintain our target price on Solidere shares at $17 with an overweight recommendation; however, we remain cautious in the short term in light of weak operating conditions, against an uncertain economic and political backdrop.” The current prices of Solidere shares are around $11.
Reported by Yassmine Alieh
Share on Facebook     Share on LinkedIn        
WatsApp
Date Posted: Sep 16, 2013