A big jump in sales thanks in part to the delivery of apartments and offices at its Sun and Sky Towers, on Reem Island in Abu Dhabi, boosted profits last year at Sorouh Real Estate.
Net profit in 2011 increased to Dh383.3 million, from Dh16.1 million in 2010. A consensus of analyst estimates polled by Bloomberg expected Sorouh to report a profit of Dh363 million.
Revenues reached Dh3.8 billion, an increase of 214 per cent from the year earlier period, which comes from "the recognition of residential and commercial units delivered in Sun & Sky Towers, a land swap transaction on Shams, construction revenue from National Housing Projects, rental income from investment properties, delivery of villas in Golf Gardens," the company said in a statement to the exchange.
halsayegh@thenational.ae
