Sorouh Real Estate, Abu Dhabi's second biggest developer, reported on Thursday that its second quarter net profit more than tripled year-on-year to Dh125.3 million from the handover of units on Reem Island.
Sorouh's ongoing handover of properties, primarily at the Sun and Sky Towers development, along with a sharp drop in bad debt provisions saw the company make a half year net profit of Dh201.6 million, up from Dh151.9 million in the first six months of 2010, the developer said in a statement to Abu Dhabi's bourse.
Revenues for the second quarter were Dh1.22 billion compared to Dh189.8 million in the year-ago period.
"The significant increase in our revenues and profitability has been driven principally by the handover of Sun and Sky Towers, the first completed development on Al Reem Island," said Abubaker Seddiq Al Khouri, Sorouh's managing director.
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"The handover is very much on track and has already generated over Dh1 billion of revenues during the first half. Nearly 150 families have now moved into Sun and Sky towers, which are now starting to feel like a real community," he added.