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FINANCIAL NEWS
UAE’s Sorouh reports USD40.35m Q2 net profit
31 Jul 2012
(MENAFN) Sorouh Real Estate’s managing director, Abubaker Seddiq Al Khouri, stated that the company’s net profit surged 34 percent during the second quarter to USD40.35 million, reported Arabian Business.
Al Khouri said that the Abu Dhabi developer, which is in merger talks with Aldar properties, posted USD185.44 million in revenues during the period, compared with USD326,622 recorded in last year’s same period.
On the other hand, he noted that the merger with rival Aldar could create a company worth nearly USD15 billion in assets.
It is worth noting that in 2011’s second quarter, Aldar posted a USD30.04 million net profit.
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