Aldar reports H1 2010 financial results |
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Revenue for the period was AED 427.0 million (H1 2009:AED 1,068.1 million),Net loss for the period of AED 789.5 million (H1 2009: Net profit of AED 1,142.5 million),Continued investment in projects under construction - AED 21,225.8 million compared to AED 17,923.6 million at the end of 2009.Group secured AED1,567.3 million of new financing,AED 695.0 million of property sales made during the first six months, which will be recognised in future periods Aldar Properties PJSCAldar Properties PJSC
, Abu Dhabi's leading property development investment and management company, today announced its financial results for the six month period ended 30 June 2010.Revenue for the period was AED 427.0 million compared to AED 1,068.1 million for the corresponding period last year. The decrease was principally due to lower property sales recognised. However, recurring revenues from operating businesses are showing continuous growth as these areas of the company mature.
The second half of this financial year is expected to be different due to the revenue generated from the delivery of AldarAldar's projects at Al Raha Beach and Al Gurm.
The Company incurred a net loss for the period of AED 789.5 million compared to a net profit of AED 1,142.5 million for the period ended 30 June 2009. As was highlighted at the end of Q1, this is primarily due to lower gains from fair valuation of investment properties, and lower property sales recognised.
Net asset value stood at AED 15,700.0 million at 30 June 2010, compared to AED 16,650.5 million at 31 December 2009. Investment in projects under construction (comprising investment properties under development and development work in progress) was AED 21,225.8 million compared to AED 17,923.6 million at the end of 2009, as AldarAldar continues its focus on completion and delivery of its existing pipeline.
The business has worked hard throughout this period to review its business model to ensure it remains resilient and able to effectively meet the challenges of the prevailing market conditions. There has been a continued focus on its areas of growth which are low risk, solid income generating projects, such as major government infrastructure projects, and increased revenue from operational businesses.
The Company made AED 695.0 million worth of sales during the first six months of this year, which will be recognised in future periods.
The Company raised AED 1,567.3 million of new financing during the period, which demonstrates AldarAldar's continued ability to add to its financial resources.
The second half of 2010 presents a number of key milestones for the business including:
The opening of the Souk at Central Market in the coming weeks
The complete delivery of the Al Bandar residential development to customers
The arrival of long leasehold tenants into HQ, the international Grade A office space within Al Raha Beach
The opening of Ferrari World Abu Dhabi, the world's largest indoor theme park
Meanwhile work continues on Al Falah, a Government-funded Emirati housing project. This development is part of a growing pipeline of management fee earning Government and third party projects, which include the recently announced agreement with Al Ain Municipality to deliver the infrastructure for the Shiebat Al Watah development.
Consequently the board is confident that these events will contribute to an improved performance in the second half.
Ahmed Al Sayegh, Chairman of AldarAldar Properties, commented: "With the ongoing impact of the difficult global economic situation, this has been a very challenging first half of the year for the entire sector.
However, whilst recovery remains fragile in many parts of the world, AldarAldar is well positioned to benefit from the improved conditions expected in the second half of the year, with the added positive impact of the delivery of a number of flagship developments such as the Al Bandar residential development, Ferrari World Abu Dhabi theme park and the iconic HQ office building.
Throughout this period, we have taken all the appropriate actions to ensure the business returns to recurrent value creation for all our stakeholders in the near future."
-Ends-
About AldarAldar - www.aldar.com
Aldar Properties PJSCAldar Properties PJSC is Abu Dhabi's leading property development, management and investment company. It listed on the Abu Dhabi Securities market in 2004. AldarAldar was established to support Abu Dhabi's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities.
AldarAldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, Central Market, Al Falah, Motor World, Nareel Island, and Noor Al Ain. The company owns over 50 million square metres of land in strategic locations throughout the Emirate.
For more information, please contact:
Mona Zayati
Tel: +971 2 696 4729
Mob: 050-4108400
Email: mzayati@aldar.com
© Press Release 2010
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