Dolphin Capital Investors, the largest AIM-listed real estate group, more than doubled its net asset value last year.
The group posted a 103% rise in NAV per share to 205p, driven by its purchase of a Cyprus-based developer in April and a strong uplift in valuations.
Dolphin, which invests in south-east European residential resorts, also reported a big hike in pretax profits, which climbed to €574m (£450m), from €110m.
Miltos Kambourides, managing partner, said 2008 would see the company move into its second stage – the construction of luxury resorts.
“This year, we expect to start construction of our first resorts in Greece and Cyprus”, he said.
Dolphin said its investment properties were worth €1.5bn at the end of December, up from €278m the previous year.