01/05/2013 11:20 AST

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.

For more on this Click Here


Press Release

Sorouh creditors approve merger with Aldar

14/06/2013

Abu Dhabi’s two realty giants Aldar Properties and Sorouh Real Estate have applied to the Abu Dhabi Executive Council for getting its nod on the proposed merger, which is expected to go into effect b

Khaleej Times

Sorouh Q1 earnings surge 21.6%

01/05/2013

Sorouh Real Estate’s profit climbed 21.6 per cent in the first-quarter of 2013 compared to the same period last year.

The rise in earnings was a consequence of change in revenue mix, rele

Khaleej Times

Sorouh Q4 net profit jumps 21pc

02/02/2013

Abu Dhabi's Sorouh Real Estate , which has agreed to merge with Aldar Properties, has reported an 21.2-per cent rise in fourth-quarter net profit, driven by income from government projects and higher

Reuters

Ticker Price Volume
DANAH 46.60 48,475
SARCO 42.30 227,758
HERFY 44.80 10,015
Ticker Price Change
FOOD 0.00 0.00 (0.00%)
Bank Nizwa participates in Malaysia industry event

20/08/2019

Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board

Times of Oman

Emirates NBD stands chance to renegotiate Denizbank acquisition

14/08/2018

The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has

Gulf News

Eshraq reports best half-year since 2014

14/08/2018

Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that

Gulf News

Damac and RHG to launch Radisson Hotel

14/08/2018

Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor

The Gulf Today

Adnoc Distribution net profit up 18pc in H1

14/08/2018

Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co

Trade Arabia