Property industry leader Sorouh Real Estate recently announced that it had a cumulative profit of Dh479 million for the period ended September 30, 2006, with earnings per share (EPS) standing at 19 fils.
Sorouh's revenues grew by 16 per cent and net profit amounted to Dh156 million during the third quarter of 2006. Meanwhile, the company's total assets grew to Dh3.563 billion in the third quarter from Dh3.424 billion in the second quarter according to Khaleej Times. Shareholder equity grew from Dh2.818 billion to Dh2.974 billion during the same period.
Growth in its assets, according to Sorouh representatives, was due to investments being made in the company's properties now under development. During the second quarter, for instance, the company began making significant capital investments, whose value grew by 10 per cent to Dh665 million during the third quarter.
Third quarter financial results include a provision of Dh314 million out of a total of Dh1.8 billion allocated for the development of the infrastructure of Shams Abu Dhabi project over the next three years.
The high-points in the third-quarter performance were the 16 per cent growth in revenues and the continuous investment in the company's projects, indicating that the company was committed to delivering projects on time, according to Saeed Al Ghafli, Sorouh's Chairman.
