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Profit attributable to shareholders was up 21.6% year-on-year due to the change in revenue mix, release of contingencies on completed projects, and reduction in fair value losses on the Investment Portfolio. Profits were driven principally by National Housing projects and investment property income. Earnings per share increased as a result by 21.6% year-on-year to reach 3.9 fils per share.
Revenues were down year-on-year due to handovers at Sun and Sky last year and due to Phases 1 and 2 of Watani, the National Housing project, approaching construction completion.
Sorouh grew its recurring revenues from investment properties by over 50% year-on-year to AED74 million in Q1.
Substantial progress continues to be made across the development portfolio. The Gate Towers are 97% complete and alghadeer is 95% complete. Building completion certificates for Watani have been obtained for phases one and two.
Sorouh’s financial position is robust, with cash collections of approximately AED 1.4 billion in Q1, AED1.8 billion of cash on the balance sheet and gearing reduced to 32%.
Shareholder approval was obtained in March 2013 for the merger with Aldar Properties. It is anticipated that the merger will become effective in June 2013.
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