Feb 14 2012 |
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Aldar reports Dh642.5m profit on land sales
Tuesday, Feb 14, 2012
Gulf News
Abu Dhabi Aldar Properties, Abu Dhabi’s largest real estate developer, yesterday reported a net profit of Dh642.5 million for 2011 financial year compared to a net loss of Dh12.6 billion a year earlier.
“Revenue for the year increased to Dh6.7 billion compared to Dh1.7 billion for the year 2010. The increase was primarily due to revenue from land sales to the government supplemented by increased sales of residential units,” Aldar said in a statement.
The company recognised Dh5.4 billion from the sale of land plots and completed residential units and project management fees, it added.
Aldar’s financial results beat estimates of some analysts who had projected lower profitability for the company in 2011.
Reduction in borrowing
Aldar ended last year with Dh4.1 billion in cash and bank balances and a net reduction in total borrowing of Dh14.3 billion. During the year, its net assets increased 67 per cent to Dh7.09 billion compared to Dh4.25 billion at the end of 2010.
“The increase is contributed principally by the profit for the year and the conversion of Dh2.1 billion of the Dh2.8 billion convertible bond issued to Mubadala Development Company during 2011,” said Aldar, adding its board of directors have recommended a cash dividend of Dh0.05 per share.
In December, the Abu Dhabi government came to the rescue of Aldar with a Dh16.8 billion lifeline in exchange for strategic assets in what was a second such move last year. In January 2011, the developer had agreed to sell real estate assets, including the Ferrari theme park, and convertible bonds to the government for Dh19.2 billion to lower debt.
Aldar’s portfolio of projects in Abu Dhabi is valued at more than Dh275.4 billion, with the entire inventory slated to be completed and delivered within this decade.
By Himendra Mohan Kumar?Staff Reporter
© Gulf News 2012. All rights reserved.
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