01/05/2013 11:07 AST

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, release of contingencies on completed projects, and a reduction in fair value losses on the investment portfolio. Profits were driven principally by National Housing projects and investment property income.

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 per cent year-on-year to Dh74 million in the first quarter of the year. In addition, Sorouh's financial position is robust, with cash collections of approximately Dh1.4 billion in the quarter, Dh1.8 billion of cash on the balance sheet and gearing reduced to 32 per cent.

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.

Abubaker Seddiq Al Khouri, managing director, Sorouh, termed it as "a very solid start to the year."

The managing director said: "In line with our strategy, the business is generating a significant amount of recurring revenues from its investment portfolio. Integration work in preparation for our merger with Aldar is also progressing well and we expect the merger to complete in June this year. Substantial progress is being made on our large portfolio of developments as we move closer to delivering around 7,000 units between now and the end of 2014."


Khaleej Times

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

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 Investm

Press Release

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
Ticker Price Change
ALMUTAHED 0.00 0.00 (0.00%)
ALMAL 0.00 0.00 (0.00%)
ALAMAN 0.00 0.00 (0.00%)
MASSALEH 0.00 0.00 (0.00%)
INVESTORS 0.00 0.00 (0.00%)
Aramco CEO among business leaders urged by China's Xi to protect trade as Trump tariffs loom

29/03/2025

China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo

Reuters

Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital

28/03/2025

Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capita

The Peninsula

Innovation, collaboration key to sustainable growth: Sabic CEO

28/03/2025

Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer

Trade Arabia

AD Ports, Oylz in deal to set up petchem facility in Khalifa Port

28/03/2025

AD Ports, a leading facilitator of global trade, logistics, and industry, has announced the signing of a 50- year agreement with Oylz Terminals, a UAE based oil supply and distribution provider to de

Trade Arabia

Modon, Elsewedy to launch new industrial zone in Egypt

28/03/2025

Modon Holding, an Abu Dhabi-based holding company, and Elsewedy Industrial Development, one of Egypt's leading integrated industrial and logistics cities developers, have signed a letter of intent (L

Trade Arabia