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FINANCIAL NEWS
Abu Dhabi’s Sorouh reports USD104.3m net profit in 2011
15 Feb 2012
(MENAFN) Abu Dhabi-based Sorouh Real Estate reported USD104.3 million profit in 2011, up from USD4.4 million in 2010, Arabian Business reported.
The developer said income was driven partly by the delivery of Sun and Sky Towers, which generated USD598.83 million. Revenues increased to USD1.03 billion from USD326.64 million in 2010.
In May Sorouh began delivering residential units at Sun and Sky Towers, with over 95 percent of those sold handed over by the end of 2011. Commercial properties handovers in the Sky Tower began in March.
The handovers particularly lifted the firm’s fourth quarter results, making USD26.7 million net profit compared to USD54.06 million loss a year earlier. Revenue for Q4 jumped to USD326.64 million from 53.62 million a year earlier.
Sorouh delivered 1,700 units during last year. Net assets for the year amounted to USD1.79 billion compared to USD1.66 billion in 2010.
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