Sobha hits over 9-year high

| Updated on: Jan 11, 2018

BL23SOBHA1

Sales volume jumps 52% in December quarter

Shares of Sobha Ltd hit over 9-year high on strong quarterly operating numbers. The stock gained as much as 14.8 per cent to its highest since March 12, 2008.

The company has reported 52 per cent rise in sales volume and 92 per cent rise in total sales value for December quarter vs year ago. It has recorded highest-ever quarterly sales performance in terms of value and average realisation during the quarter.

Sobha said real estate sector saw subdued sales in the last 3 quarters due to various policy initiatives like goods and services tax. It noted that prices have stabilised and home loan interest rates are at a decade-low, making home purchases more attractive.

The stock posted its biggest intraday percentage gain since October 23, 2017.

Published on January 08, 2018
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