Aldar, Sorouh and Emaar all posted healthy Q4 earnings reports last week. We round-up the key coverage:
Emaar profits rise 76% in fourth quarter
Emaar Properties increased net profits by 76 per cent in the fourth quarter of last year after revenues from its retail and hospitality divisions soared.
Overall, revenues increased 20 per cent to Dh2.2 billion in the final quarter of the year, compared to the previous quarter, with net profits jumping from Dh406 million to Dh716m, beating analyst expectations.
The National: Emaar profits rise 76% in fourth quarter
The National: Emaar profits soar on tourism boom
Aldar Properties returns to profit
Aldar Properties’ full-year net profit jumped to AED642.5m ($175m) in 2011, boosted by land sales to the government and increased residential sales.
Abu Dhabi’s largest developer by market value, returned to black after it posted a loss of AED12.7bn in 2010 on massive write-downs on its assets.
Arabianbusiness.com: Abu Dhabi’s Aldar posts $175m profit for 2011
The National: Sorouh and Aldar hot properties on the Emirates’ bourse
Sorouh sees surge in 2011 profits
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.
Arabianbusiness.com: Abu Dhabi’s Sorouh see surge in 2011 profits
The National: Sun & Sky deliveries in Abu Dhabi boost profits at Sorouh
