Abu Dhabi's second biggest listed property developer Sorouh announced a Dh507.5 million net profit for 2012 as it prepares to merge with rival Aldar.
In its last ever full year results posted on the Abu Dhabi Securities Exchange today, Sorouh said that consolidated net profits showed a 32 per cent hike on 2011 figures.
Profits for the three months to the end of December 2012 were 21 per cent higher than for the same period the previous year at Dh118.9 million.
The company whose flagship projects include Sun & Sky Towers on Reem Island which completed last year and the 3,500 apartment The Gate, also on Reem, which is set to be completed this year, said that 2012 revenue of Dh3 billion was mainly driven by its National Housing projects such as Al Watani, Al Ghuraibah in Al Ain and Al Silla in the Western Region.
Revenues from National Housing projects for the final three months of the year stood at Dh443m, a 41 per cent increase on the same period in 2011.
Sorouh, which agreed to sell around 700-800 flats in The Gate and infrastructure works at Shams Reem Island to the Abu Dhabi government for Dh3.2 billion as part of its merger agreement last month, said that the company had Dh1.3 billion on its balance sheet on 31 December 2012.
It added that leasing income increased by 25 per cent over the year to Dh217 million as more tenants signed up to its Boutik shopping mall on Reem Island, and its Sun & Sky and Al Murjan schemes.
In the final quarter alone the leasing portfolio generated revenues of Dh67 million - 43 per cent more than during the same period the previous year.
The company said the value of its investment properties portfolio increased by nearly Dh800m during the year to Dh4.1bn, mainly as a result of it completing work on its Boutik Al Ain shopping centre and Sun and Sky flats.
"Sorouh's delivery pipeline for 2013 is very strong, with over 7,000 units coming to market," said Sorouh managing director, Abubaker Seddiq Al Khouri.
"These deliveries will strengthen cash flow and improve profitability. Meanwhile, the proposed merger with Aldar will enhance shareholder value by bringing together two complementary businesses that will have a more diversified and balanced portfolio along with significant future growth opportunities."
Meanwhile it was good news for tenants at Sorouh's Al Rayyana scheme close to Abu Dhabi golf course. The development which was evacuated after a section of the car park collapsed in autumn 2012 has remained empty as the developer undertakes remediation design. Sorouh said it believed tenants would be able to move back to the scheme in the third quarter of 2013.
It said The Gate scheme was now 95 per cent complete while its Alghadeer scheme on the Dubai border was 90 per cent complete and on track to start delivery during the first three months of the year. It said it had completed infrastructure works at its Saraya development close to the Abu Dhabi Corniche and sub contractors were currently constructing five plots of land.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Heather, the Totality
Matthew Weiner,
Canongate
COMPANY%20PROFILE%20
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE%20
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Company%20Profile
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Company%20Profile
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THE%20SPECS
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
