Lebanon's Solidere B shares hit $15 first time in years

According to Beirut Stock Exchange, Solidere A shares closed at $14.93 while B closed at $15 during Friday’s trading

  
Image used for illustrative purpose. Traders are seen busy working in BEMO Bank's dealing room before the end of Beirut's stock exchange trading session in Beirut, Lebanon.

Image used for illustrative purpose. Traders are seen busy working in BEMO Bank's dealing room before the end of Beirut's stock exchange trading session in Beirut, Lebanon.

REUTERS/Jamal Saidi

BEIRUT: Solidere B shares surged to $15 for the first time in years after the company recorded a net profit of $49 million in 2019.

According to Beirut Stock Exchange, Solidere A shares closed at $14.93 while B closed at $15 during Friday’s trading.

Solidere A and B shares rose by 4.91 percent and 3.44 percent respectively.

The total value of A and B shares traded Friday stood at $2.97 million.

The company recorded a profit of close to $49 million compared to a loss of around $115 million in 2018, according to the company’s balance sheet.

Solidere has seen significant land sales in the second half of 2019 and the first four months of 2020 as many depositors decided to unlock their bank accounts by buying properties in Downtown Beirut and other areas in Lebanon.

The financial statement prepared by Deloitte auditing firm said Solidere sold $234.4 million in 2019 compared to only $1.274 million in 2018.

Revenues from rented properties in 2019 fell to $53.215 million from $56.855 million in 2018, revenues from rendered services dropped to $7.724 million from $8.097 million in 2018, while revenues from hospitality reached $13,709 in 2019 compared to $8,656 in 2018.

The company's total gross revenues in 2019 reached $295.404 million compared to $66.236 million in 2018. The total assets value of Solidere was $2.249 billion in 2019 compared to $2.481 billion in 2018.

Total liabilities in 2019 fell to $417.443 million from $698.650 million in 2018.

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