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Sorouh Real Estate net profits soar 29 per cent to reach Dh1.26 billion

ABU DHABI - The 2007 net profits of Sorouh Real Estate have touched Dh1.26 billion - up 29 per cent - against Dh975 million in 2006. Earnings per share increased 28 per cent to Dh0.50 from Dh0.39 in 2006, while Net Asset Value per share rose 29 per cent from Dh1.39 to Dh1.79.

Sales of land, villas and apartments reached Dh6 billion while plots and unit sales went up by 30 per cent and 22 per cent respectively showing a 28 per cent growth.

Sorouh reported total assets worth Dh7.2 billion in 2007, up 66 per cent from Dh4.3 billion last year. Market Capitalisation totalled Dh21 billion as at December 31, 2007 on Dh6 billion last year.

Investment Properties increased by 23 per cent from Dh1.02 billion to Dh1.26 billion. Properties under development increased by 161 per cent from Dh414 million to Dh1.08 billion. Bank borrowings grew to Dh234 million from Dh12 million in 2006.

Sorouh intends to take advantage of its strong balance sheet to take on additional borrowings with the intention of improving further its return on equity and ensure the availability of sufficient funding for its projects.