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FINANCIAL NEWS
Abu Dhabi’s Sorouh reports USD32m profit in Q4
31 Jan 2013
(MENAFN) Abu Dhabi-based developer Sorouh Real Estate posted a 21.2 percent increase in quarterly earnings, on higher revenues from government projects and leasing, Reuters reported.
The company said it made USD32.37 million net profit during the fourth quarter of 2012, up from USD26.7 million a year earlier.
Revenue from Abu Dhabi’s national housing projects jumped by 41 percent to USD120.6 million during the quarter, while revenue from leasing soared 43 percent to USD18.24 million, said Sorouh.
As for the full-2012, Sorouh reported USD120.5 million profit, up from USD91.1 million in 2011. Revenue declined by 20 percent to USD816.5 million.
Recently, Sorouh has agreed to unite with peer Aldar Properties. A merger that would create an entity with USD13 billion in assets.
Shareholders of both developers will vote on the proposed merger in February 21.
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