Sorouh reported a net profit of AED76.3 million ($21 million).

Two analysts polled by Reuters had forecast a profit of AED54 million and 94 million respectively.

“This quarter is very different to the first quarter of 2010 which was largely a land sales quarter. This quarter was a delivery quarter,” chief financial officer Richard Amos said.

Revenue rose by five percent to AED452 million as it began the handover of commercial properties at its Sun and Sky Towers project in Abu Dhabi in March.

Sorouh said it saw a pick-up in sales and leasing interest in the project and will begin handover of residential homes in May.

Sorouh’s results followed the UAE’s biggest developer Emaar Properties, which reported a 45 percent drop in quarterly profit after revenue dipped.

Amos had said earlier this month the company expected to complete projects worth AED13 billion with delivery of 7,000 units by 2014.

Most Abu Dhabi developers have been focusing on completion and delivery of existing projects after suffering big losses during the global financial crisis, which put an end to a six-year construction boom.