Finance & Investment activities

The Group's trading investment portfolio comprises stocks listed on most of the major exchanges, together with private equity participations.  In 2010, there was a further fall in the value of the Group's shareholding in Orascom Telecom GDRs of approximately €12 million.  The value of the Group's other investments increased in value by approximately €6 million, resulting in a net movement of €6 million.

Cipaf, our major finance and investment subsidiary, which derives its income mainly from interest and equity markets trading, reported a profit on a stand alone basis of €10 million for the year, compared to €24 million in 2009.


Real Estate & Construction

The Group's real estate portfolio consists of commercial properties in the USA, Canada, Europe, Northern Africa, the Middle East, China and India. The main developed properties are fully let or operational.

Soludec, our Luxembourg based general contracting company, continues to trade profitably, although turnover fell to €56 million for 2010, compared to €60 million in 2009 reflecting the continuing impact of the recession in this particular industry.  In spite of general economic conditions, Soludec has remained profitable.



Hotel & Leisure

In 2010, the global hotel industry returned to growth and this was reflected in improved trading results in our Hotel & Leisure division. Le Royal Luxembourg, our flagship hotel, maintained its turnover and operating result for the year at €14 million and €1 million respectively.  The hotel enjoys the popular reputation of being the premier hotel in Luxembourg and amongst the uppermost in the world. In Lebanon, Le Royal Beirut achieved significantly increased occupancy rates and turnover increased from €17 million in 2009 to €19 million in 2010. All other Le Royal hotels reported improved turnover during the year. 
In France, the Resideal group of companies also performed well and reported increased turnover and profit following the refurbishment of the Cannes property. In Egypt, the Group has several hotels at Sharm El Sheik and Hurghada, and all reported higher turnover in 2010. In particular, our subsidiary, Rowad, which has four hotels, increased its turnover by €4 million compared to last year.

Industrial and New Media

Our subsidiary based in China, China Manufacturing Solutions, designs and manufactures sheet metal products and commenced production in its first factory at Weifang in 2009.  In its first full year of operations, the company achieved turnover for 2010 of €1 million and has a full order book.  The company has a second factory at Penglai and this is currently let to a government owned company, which manufactures white goods for the domestic Chinese market.



Communications & IT

In 1999 the group entered the advertising industry by taking over Korad, Ogilvy & Mather, one of Korea's largest advertising agencies with a long history of achievements.


General Mediterranean Holding, All copyrights reserved 2017

Created by Softteam