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FINANCIAL NEWS
Abu Dhabi’s Sorouh reports 30% increase in Q1 profit
29 Apr 2012
(MENAFN) Abu Dhabi’s Sorouh Real Estate announced that first-quarter net profit jumped 30 percent from the USD17.50 million recorded in 2011’s same period to USD22.76 million, reported Reuters.
The firm, which seeks a state-backed merger with rival Aldar Properties, added that revenue surged to USD263.31 million, whereas gross profit generated from national housing projects’ revenue reached USD16.87 million.
Abu Dhabi’s second largest property developer by market value also said that by the end of next year, it would hand over 7,000 units.
It is worth noting that Sorouh targets USD136.12 million of recurring income by 2014.
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