Business | Property
Sorouh pushes half-year profit to Dh977 million
Sorouh Real Estate PJSC, Abu Dhabi-based real estate developer, announced a 75 per cent growth in net profit to Dh977 million for the first half of 2008 (first half of 2007: Dh556 million).
- Staff Report
- Published: 18:09 July 24, 2008
Abu Dhabi: Sorouh Real Estate PJSC, Abu Dhabi-based real estate developer, announced a 75 per cent growth in net profit to Dh977 million for the first half of 2008 (first half of 2007: Dh556 million).
The improved profit performance represented earnings per share of 42 fils (22 fils in the first half of 2007) and was derived from operating activities with no asset revaluations.
Revenue from land sales, as well as rental income, grew by 57 per cent to Dh 1,693 million (H1 2007: Dh1,081 million).
Abubaker Seddiq Al Khouri, Managing Director for Sorouh, said: "This is another positive financial performance for Sorouh, marking continued progress in our development as one of the leading real estate developers in the region. Our key financial performance indicators have improved over the period. We are optimistic about the performance for the rest of the year."
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