- 2Q11 revenues at AED1.2 bn up 542% YoY
- Gross Profit registered AED144 mn up 91% YoY
- Net profit at AED125 mn 125 up 520% YoY
- 1H11 net profit at AED202 mn up 33% over the comparable period
Sorouh reported 2Q11 revenues of AED1.2 bn up 542% over the AED190 mn reported in 2Q10 on higher development sales. Revenues comprised AED1.06 bn of development sales revenues up from AED52 mn in 2Q10 recognized on the delivery of residential and commercial units in Shams Abu Dhabi developments. The balance is attributable to AED41 mn of leasing revenues and AED117 mn from subsidiaries. Gross profit on development sales was significantly pressured down to 8% at AED85 mn. Net profit came in at AED125 mn below analysts’ expected AED202 mn negatively impacted by the aggressive squeeze in gross margins.
