I can't help but be certain that the profit potential is huge given the fact that a very big part of the "cost of goods sold" is the cost of the land. And the cost is miniscule (I think the filings indicated that $65/square meter of property sold goes to the Sultanate). That's a little less than 10% of the appraised value (per sq meter). Appraised value (for those new to the board) is $718,614,000 for 1,000,000 square meters. So "cost" is $65 * 1,000,000 = $65 million. And I seem to recall that the $718m is NET of the $65m cost. So actually, it's $783m. And if I'm correct on that, the cost has already been baked into the balance sheet (and therefore won't be an earnings issue) which makes the profit margin on sales even better as there is no "land cost" to deduct.

Certainly, all the other costs and issues you raise are immensely important, but it appears to me that we have an extremely strong competitive position. Also keep in mind that the company's estimated net present value of future net cash inflows (net of expenses) is a whopping $1.3 BILLION over 7 years. Whilst I'm not privy to the calculations, the fact that it is a positive number and a huge number at that, means that number crunchers have already figured out most of the stuff you speak of.

As they say on the other side of the pond ... "cheers"!