Half-year results for 2009 made public by Sorouh Real Estate

An announcement regarding half-year results for the period ended June 30, 2009 was recently made by the Sorouh Real Estate, Abu Dhabi-based real estate developer.

As compared to Dh1693 million in 2008, the revenues for the half year 2009 were Dh1314 million. Earnings per share for the period were 11 fils per share. For the half year of
2009, the net profit was Dh281 million; while for the 2nd quarter 2009, the revenue were Dh978 million.

For the 2nd quarter 2009, the net profit was Dh151 million representing a 16% increase over 1st quarter 2009; but, a decline against 2nd quarter 2008. Six fils per share were the earnings for the period.

Mounir D. Haidar, CEO, Sorouh Real Estate said: "We are pleased to report results in-line with previous guidance of quarter on quarter earnings improvement. We are moving forward with our strategy to pass on cost savings to our customers and helping our customers through different schemes including; price reduction, payment re- schedule, consolidation, and customized mortgage financing. Despite the tough economic environment, long-term demand remains promising and we are actively managing the Company's cash position. This, combined with the ongoing investment in Abu Dhabi's infrastructure, makes us well-placed to capitalize on our strong position when the markets recover."

A strong balance sheet has been maintained by the Sorouh Real Estate, with net assets as at the end of the 2nd quarter 2009 being Dh5.9 billion. Particularly in Abu Dhabi, the business has seen strong growth of 63% in its investment properties to Dh1.4 billion.