Revenue for the second quarter of 2011 was KD7.3m, higher than first quarter 2011 revenue of KD3m.
Second quarter results were supported by the continued delivery of Alargan residential units, Commercial projects in the Kingdom of Saudi Arabia and the strong performance of Alargan’s Hotels and Resorts.
Alargan earning per share in the first half of 2011 climbed up to 17.01 fils verses 14.73 for the same period in 2010. Alargan increased its assets by 4.3% and shareholders’ equity by 5.8%.
Alargan business subsidiaries and affiliates contributed significantly to the company’s revenue stream with the strong growth trends as seen during the first half of the year. Alargan’s leisure and hospitality subsidiary, Argana Hotels and Resorts, also recorded strong performance with its flagship Movenpick Hotel and C Club, recording an average occupancy rate of more than 70% in the first half of 2011.
Mr. Khaled Al Mashaan, Chairman and Managing Director, Alargan International Real Estate Company, said the financial performance of the company in the first six months of the year was marked by continued deliveries of homes and sustained growth by the company’s subsidiaries and associate businesses.
“Alargan is now embarking on a new phase of growth with a core management team in place to roll out a five-year corporate strategy plan for driving long-term value creation. Having redefined the property landscape of Kuwait, Bahrain, Saudi and Oman through our affordable housing solutions, Alargan’s current focus is on identifying and strengthening our operations by taking into account the current social, economic and political changes across all our key markets.
“Our approach is underlined by our key objectives to become the leading Real Estate Brand specialized in affordable housing while adding value to our stakeholders and maximizing our Shareholders returns. This is reflected in the success of our projects that yielded positive results amid difficult market conditions.
Our growth initiatives will continue to be aligned with the diversified economic growth model envisaged for Alargan by its Chairman, Partners, Shareholders and the Board of Directors.
Alargan TOWELL Investment Company in Oman, is a country subsidiary that is focused on the handover of homes in Beyout – AlFaye and Qurm Gardens, two of the developments that are set to energize the local economy. The two projects saw a solid response from end users in the first phase.
Alargan’s developments in Bahrain are also progressing well and construction is being carried out at all projects launched and many units sold. During the first half of 2011, Alargan Bahrain awarded contract for construction of 82 Town Houses at the Company’s Jeyoun project in the suburb of Bu Quwah.
“Through diversification of our businesses and responding to our customer needs across our key markets, Alargan continues to make successful and profitable progress despite real estate and financial markets challenges,” said Mr. Al Mashaan.
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