Sorouh Real Estate, the leading Abu Dhabi-based property developer, has announced a 75% growth in net profit to Dh977 million for the first half of 2008. The improved profit performance represented an earning per share of 42 fils 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 AED 1,693 million.
Abubaker Seddiq Al Khouri, MD, 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".
The first half of 2008 is characterized by the development of strong ties with leading international world-class organizations. Sorouh's strategic initiatives included the launch of Lulu Island development, forming of a joint venture company with Tabreed to provide district cooling to sectors of Shams Abu Dhabi and other projects and acquisition of a strategic shareholding in LLJ Property LLC, the major Abu Dhabi-based real estate agency. Sorouh's market capitalization was Dh23.2 billion on June 30, 2008 and total assets grew 53% to Dh11 billion compared to Dh7.2 billion on December 31, 2007.
