Sorouh Real Estate PJSC (SOROUH), Abu Dhabi’s second-biggest property developer by market value, said first-quarter profit climbed 30 percent as sales increased.
Net income rose to 83.6 million dirhams from 64.3 million dirhams a year earlier, the company said in a statement to Abu Dhabi’s bourse today. The median estimate of three analysts was for a profit of 80 million dirhams, according to data compiled by Bloomberg. Revenue rose to 967.2 million dirhams from 452 million dirhams.
“We continue to diversify our revenue streams which will support the quality of our earnings over the medium to long term,” Managing Director Abubaker Al Khouri said in the statement. “The current flight to quality with Abu Dhabi real- estate leaves us well-positioned to deliver an exciting project pipeline of some 7,000 units between now and the end of 2013.”
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