Business | Property
Sorouh posts positive earnings with 125 per cent growth in net profits
Sorouh Real Estate PJSC, Abu Dhabi real estate company, announced a 125 per cent rise in net profit for the nine months ending September 30, 2008 to Dh 1.738 billion compared to Dh 773 million in the previous year.
- Staff Report
- Published: 13:56 October 22, 2008
Abu Dhabi: Sorouh Real Estate PJSC, Abu Dhabi real estate company, announced a 125 per cent rise in net profit for the nine months ending September 30, 2008 to Dh1.738 billion compared to Dh 773 million in the previous year.
Revenue is up from Dh1.486 billion to Dh3.191 billion. The net profit represents earnings per share of 73 fils (31 fils per share in September 2007) and was generated from operating activities, with no asset revaluations.
The company reported a growth in total assets of 132 per cent, from Dh7.2 billion on December 31, 2007, to Dh16.7 billion at 30 September 2008. Net assets of the company increased from Dh4.463 billion as at December 31, 2007 to Dh5.832 billion as at 30 September 2008.
Liquid funds increased from Dh1.4 billion as at December 31, 2007 to Dh7.7 billion as at September 30, 2008, as a result of cash collected on receivables from the sale of land plots, unit sales and rental income.
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