Abu Dhabi's second biggest listed property developer Sorouh announced a Dh507.5 million net profit for 2012 as it prepares to merge with rival Aldar.
In its last ever full year results posted on the Abu Dhabi Securities Exchange today, Sorouh said that consolidated net profits showed a 32 per cent hike on 2011 figures.
Profits for the three months to the end of December 2012 were 21 per cent higher than for the same period the previous year at Dh118.9 million.
The company whose flagship projects include Sun & Sky Towers on Reem Island which completed last year and the 3,500 apartment The Gate, also on Reem, which is set to be completed this year, said that 2012 revenue of Dh3 billion was mainly driven by its National Housing projects such as Al Watani, Al Ghuraibah in Al Ain and Al Silla in the Western Region.
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