Sorouh Real Estate (SOROUH) 2006 FY annual report

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2006 FY result list | SOROUH 2006 FY results - forum topic | Sorouh Real Estate - details & pdf annual reports

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AED USD EUR GBP AUD BHD EGP JOD KWD OMR QAR SAR   Precision: 1 2 3
SOROUH (listed on ADSM)   Auditor:   Deloitte and Touche
SOROUH accounts in UAE dirhams    
Date of results and share price AED 2.34 on 30 Jan 2007    
Current share price AED 2.83 on 15 Apr 2009    
Chairman Saeed Eid Al Ghafli
CEO Faris Suheil Al Yabhouni (MD)
Balance Sheet (AED) 31 Dec 2005 31 Dec 2006   %Δ   ? notes
Total Assets   4,351,244,000  
Total Liabilities   (881,006,000)
Shareholders Equity   3,470,238,000  
Income Statement (AED) 2005 FY  2006 FY       
Revenue (Sales)   630,225,000  
Cost of Revenues (COGS)   (643,114,000)
Gross Profit   -12,889,000  
Other Income   1,253,843,000      
Other Expenses   (265,424,000)      
Net Profit   975,530,000      
Minority Interests   0      
Net Profit due to shareholders   975,530,000  
Earnings Per Share stated 0.39    
Ratio Calculations As on 30 Jan 2007      
Number of shares outstanding   2,500,000,000    
EPS calculated 0.39    
Price to Earnings ratio (PE) 6.0   Calculated EPS used
Price to Book Value (PBV)   1.7    
Return on Assets (ROA) 22.4%  
Return on Equity (ROE) 28.1%  
Return on Sales (ROS) or Profit Margin 154.8%  
Dividends          
Cash Dividend   10%     Approved at AGM
Dividend Yield (cash)   4.3%    
Share Dividend      
Important Dates Record Date 03 Apr 2007 AGM Date 25 Mar 2007
Comments about Sorouh Real Estate FY 2006 results

25 February 2007: Audited financials released which prompted (or coincidentally there was) very heavy trading on a rising Sorouh share price. Note that income statement figures are for more than one year - the period from 26 July 2005 (inception date) to 31 December 2006, which misrepresents some rations and comparisons. Presumably this is so Sorouh could include AED 432m of IPO income in the "current" financial year, otherwise it would have been in the "previous" financial year, and profit growth would have been unimpressive.

More than half of the total profit came from a revaluation of investment properties which is hardly "real money" so to speak. There was also a substantial unrealised loss in financial assets. Share purchases by Sorouh? So far, results are underwhelming.

30 January 2007: Preliminary results say Paid-up, Subscribed, Authorised Capital all AED 2,500,000. Error? Should be AED 2,500,000,000.

CEO has changed from Mr Munir Haider (Manager)? Tel changed from +971-2-6444434 to +971-2-4440006?

No results for FY2005 - Sorouh first listed 20 Dec 2005. AGM date postponed from 18 to 25 March 2007 on same day as Sorouh foreign ownership allowance (maximum 20%) announced (06 March 2007).

Have your say in the SOROUH 2006 FY results forum topic, includes directors reports and news, if available.

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This page last updated 20-Jan-2009. Company information last updated 22 Oct 2008. E & OE.