GulfBase Live Support
02/02/2013 16:39 AST
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 leasing revenue.
Abu Dhabi's second largest property developer by market value, posted a quarterly consolidated net profit of Dh118.9 million ($32.37 million), compared with Dh98.1 million dirhams in the prior-year period, it said in a bourse statement on Thursday.
The earnings missed forecasts of brokerages Sico Bahrain and Arqaam Capital that had estimated net profits of Dh119.6 million and Dh168 million respectively.
Revenue from Abu Dhabi's national housing projects totalled Dh443 million in the fourth quarter, up 41 per cent year-on-year, said the firm. The leasing portfolio generated Dh67 million of revenue in quarter, up 43 per cent compared to the same period in 2011.
The profit for 2012 was Dh442.6 million compared with Dh334.7 million for 2011.
Revenue for the year was Dh3 billion, down 20 per cent. The company booked fair value loss on investment of Dh108.9 million and impairment of goodwill of Dh35.8 million.
Shareholders of Sorouh and Aldar will vote on the proposed merger on February 21.
Under the merger proposal, Sorouh shareholders will get 1.288 Aldar shares for every share they own. Sorouh will be dissolved and delisted from the local bourse after the merger.
Sorouh's managing director Abubaker Seddiq Al Khouri, who is proposed to be the chairman of the merged entity, said the company would deliver over 7,000 units this year.
"These deliveries will strengthen cash flow and improve profitability," said al-Khouri.
Another 15,000 units are expected to enter Abu Dhabi's already oversupplied real estate market this year, property consultancy CBRE has said. The merger was a step by the government to revive the emirate's battered property sector.
Reuters
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
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
01/05/2013
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, rele
Khaleej Times
13/01/2025
Aldar Properties, Abu Dhabi's biggest listed developer, has raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international
The National
12/01/2025
Ooredoo announced on Sunday the appointment of Sheikh Nasser bin Hamad al-Thani as the new chairman of Ooredoo Kuwait.
Most recently, Sheikh Nasser was appointed as Group Regional CEO for th
11/01/2025
One of the fastest-growing logistics businesses in Mena region, GWC has marked "20 years of excellence and innovation", achieved significant milestones and won prestigious awards, solidifying its pos
Gulf Times
11/01/2025
Almarai, the world's largest vertically integrated dairy company and the world's fourth most valuable dairy brand in 2024, has successfully implemented RISE with SAP on Google Cloud. This milestone m
Saudi Gazette
05/01/2025
Elm, a pioneer in digital solutions, enhanced its brand identity, reflecting the company's ambitious and prominent objective. Leveraging comprehensive knowledge, a forward-thinking mindset, and a pro