Feb 14 2012 |
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Aldar posts Dh643m profit as revenues up
By Haseeb Haider ABU DHABI - Aldar Properties on Monday declared a net profit of Dh642.5 million in 2011 against a loss of Dh12.658 billion in the same period a year ago.The property giant said its revenue multiplied six times to Dh6.742 billion last year against Dh1.791 billion in 2010. The company recognised Dh5.435 billion from the sale of land plots and completed residential units and project management fees against Dh905.4 million in the previous year. The increase was due to revenue from land sales to the government supplemented by increased sales of residential units.
Recurring revenues increased by 48 per cent year-on-year to Dh1.307 billion, rental income doubled to Dh540.9 million and operational businesses such as schools and hotels generated handsome cash flows of Dh766.5 million in the year against Dh560.7 million in the period a year earlier.
"The company undertook a number of financial initiatives to return Aldar to long-term growth and ensure ongoing value creation for all our stakeholders. We are entering 2012 in a stronger financial position with lower debt levels and stable cash flows," Ali Eid AlMheiri, chairman of Aldar Properties , said in an e-mailed statement to Khaleej Times.
The company has also written down the value of certain assets in line with prevailing market values and upon further business reviews undertaken over the course of the year. It recognised impairments, provisions and fair value losses of Dh3.030 billion during the year.
Net assets increased by 67 per cent year-on-year to Dh7.093 billion on the bank of profit for the year and the conversion of Dh2.106 billion of the Dh2.800 billion convertible bond issued to Mubadala Development Company during the year.
The board of directors have recommended a dividend of Dh0.05 per share.
During the year, Aldar completed 1,930 residential units including the Al Zeina and Al Muneera communities at Al Raha Beach, one of the first new beachfront residential developments in Abu Dhabi, and the first phase of Al Gurm, a luxury residential development. The completion of Al Bateen Park, a residential unit development in the heart of Abu Dhabi and Al Ward, a precinct within the Al Raha Gardens community, is anticipated in 2012.
© Khaleej Times 2012
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