Abu Dhabi-based property firm Sorouh Real Estate has recorded a surge in 2011 income, driven in part by the handover of its Sun and Sky Towers on Reem Island.
The firm’s net profit hit AED383.3m ($104.3m) last year, up from AED16.2m ($4.4m) in 2010. The delivery of Sun and Sky Towers is said to have generated AED2.2bn. Revenues for the period were AED3.8bn, compared with AED1.2bn for the previous year.
“Revenues were driven by the handover of Sun and Sky, construction income from national housing projects, revenue from subsidiary companies, a significant land transaction and rental income from investment properties,” the company said.
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