16th Dec 2020 16:26
Ceiba Investments Ltd - investment firm dedicated to investing in Cuba, with interests in the commercial and tourism real estate sectors - Expects net income for 2020 to be about USD2.5 million compared to USD1.9 million in 2019. The rise reflects both the "excellent results" of the Miramar Trade Centre office complex, but was held back by the loss of income from the four hotels in which the company holds an interest as a result of the Covid-19 pandemic. Plans to re-introduce the payment of dividends in 2022.
"Assuming that the US Cuban embargo legislation will ease during the upcoming Administration of US President-Elect Biden and that international tourism to Cuba will pick up as a result of vaccines and other measures to successfully control the Covid-19 pandemic, the future outlook of the Company is considered to be positive," company adds.
Current stock price: 88.91 pence
Year-to-date change: up 23%
By Paul McGowan; [email protected]
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