Tuesday, February 14, 2017

Aldar Properties 2016 net profit surges to $762m

Aldar Properties, a leading property development company in Abu Dhabi, UAE, has reported a eight per cent jump in its net profit for the financial year ended December 31, 2016 which soared to Dh2.8 billion ($762 million) from Dh2.6 billion ($707 million) the previous year.

Underlining Aldar’s commitment to returning capital to shareholders, the company has proposed an 11 fils per share dividend for 2016, up from 10 fils per share in 2015.

Announcing the results, the Abu Dhabi-based developer said its total development sales value increased 17 per cent to Dh3.5 billion ($952 million) across all its developments, led by Yas Acres, Mayan and West Yas in the emirate.

Its Yas Island destination continues to build momentum with three phases of its Yas Acres property launched. Of this, the first two phases have already been sold out, said Aldar in a statement.

In addition to this, three more buildings have been launched at its Mayan development, it added.

Commenting on the results, CEO Mohamed Khalifa Al Mubarak, said: "We have enjoyed a solid year in terms of our underlying financial performance and our delivery against our strategic goals. Our business continues to mature and our diverse and robust assets have delivered consistent returns through natural market cycles."

Aldar, he stated, continues to see demand for its destination development strategy to create high quality, well-situated properties in vibrant communities in Abu Dhabi.

"As a result, our development sales value increased 17 per cent to Dh3.5 billion ($952 million) in 2016. Regarding our asset management portfolio, despite a softer operating environment, we achieved our target of Dh1.6 billion ($435 million) recurring revenue net operating income," he added.

Al Mubrak said this year Aldar will focus on the opportunities presented by the growing demand for mid-market products in its development business.

"As for the asset management side, we remain fixed on our long term growth targets, which will be achieved through our Dh3 billion ($816 million) investment programme and we look forward to announcing more details on this programme shortly. We also believe there are further investment oppor tunities, which our strong financial position gives us the scope and visibility to explore," he added.-TradeArabia News Service

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