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Sorouh shares more than double in 2007

posted on 13/08/2007: 668 views



The share price of Sorouh Real Estate Company, the second largest listed developer on the Abu Dhabi Securities Market, more than doubled in 2007, outperforming the all-share index by more than 82 per cent, according to market statistics.

The company, which reported Dh557 million in net profit for the first half of this year, and Dh1.1 billion in revenues, recorded Dh11.42 billion in market capitalisation by yesterday's close, while the paid-up capital stood at Dh2.5 billion.

"Last year has been a remarkable one for Sorouh, largely due to the success of land sales at Shams Abu Dhabi," Mounir D Haidar, the company's chief executive officer, told Gulf News yesterday.

A strong rally on the real estate sector in Abu Dhabi has provided the listed developers with higher share-liquidity in terms of trading relative to other sectors. The share price of Aldar Properties, the largest listed real estate developer in Abu Dhabi, has recorded 78 per cent gains since the beginning of 2007.The impressive growth in Sorouh's revenues came in a record time, as the company has been operating for less than two years.

Total assets grew to Dh6.1 billion in June - a 39 per cent increase on December 2006. And given the UAE capital's ongoing commercial development, for which Sorouh alone has earmarked for Dh40 billion worth of investments in the next 10 years, booming population and growing tourism industry, the opportunities for further growth are evident." Haidar added. Most recently, the company announced that it was taking part in a new finance company, in partnership with Mubadala Development, Aldar, and Abu Dhabi Commercial Bank. (Gulf News)

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