Aldar announces $735.2mn in gross profits for FY 2017

February 15, 2018

undefinedundefinedAldar Properties has announced results for the full-year 2017, indicating a surge in underlying gross profit by 34% to AED 2.7bn ($735.2mn), mainly driven by activity on projects under construction.

The Abu Dhabi-based developer announced in a statement that the company delivered a robust performance across its two business pillars in 2017.

Development sales increased to AED 3.5bn, while Q4 development sales surged to AED 1.2bn and the underlying revenue grew 26% to reach AED 6.2bn.

Aldar pointed out that its net profit stood at AED 2bn, impacted by a 3% value adjustment to its asset management portfolio, which achieved an AED 1.6bn net operating income guidance.

Following the positive results, Aldar has made a proposal to the board of directors seeking a 12 fils per share dividend for 2017, up 9% from 11 fils per share in 2016, the company said in the statement.

Chairman Mohamed Khalifa Al Mubarak said: "Abu Dhabi has a clear and compelling vision, and as the emirate’s leading property developer, Aldar plays a key role in supporting its growth."

"Our unrelenting focus on creating attractive urban destinations for visitors and residents of Abu Dhabi drives our ambitious growth plans and sets a solid foundation for a successful year ahead.

CEO Talal Al Dhiyebi added that off-plan development sales reached AED 3.5bn, and also expanded their portfolio of owned assets with the acquisition of International Tower, achieving our target of AED 1.6bn in net operating income.

“We have bold plans for 2018 - exciting development launches and seeking opportunities to grow our portfolio in existing and new markets,” he said. 

 

Picture credit: JLL Property

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