Sorouh reports net profits of Dh383.3mn in 2011

posted on 16/02/2012: 52 views

Sorouh yesterday announced its consolidated full-year results for the year ended 31 December 2011.

Net profit for the full year, after provisions and impairments, was Dh383.3m (FY 2010: Dh16.2m).

For year-end results, revenues for the full year were Dh3.8bn (FY 2010: Dh1.2bn), driven by the handover of Sun and Sky, which generated Dh2.2bn, construction income from national housing projects, revenue from subsidiary companies, a significant land transaction and rental income from investment properties. This mix of revenue contributors has helped strengthen the earnings profile of the business and create a more sustainable business for the future.

During the year Sorouh, continued to build its recurring income streams. New leases signed over the course of the year provide an annualised lease value of nearly Dh50m.

The Company maintains a strong balance sheet with net assets at the end of 2011 amounting to Dh6.6bn and cash of Dh1.8bn (FY 2010: Dh6.1bn and Dh1.3bn of cash). Total bank borrowings are Dh2.7bn, representing a debt-to-equity ratio of 42%.

On the strength of these results, the Board of Directors have recommended a full year cash dividend of 5 fils per share, which is subject to shareholder approval at the AGM. - Emirates News Agency, WAM

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