Aldar net profit rises 7% to AED1.98 billion
ABU DHABI: Aldar Properties PSJC (Aldar), reported a 7 per cent year on year increase in 2019 net profit to AED 1.984 billion, driven by growth across both its development and asset management businesses.
The company’s Board of Directors recommended a cash dividend of AED 0.145 per share, representing a 4 per cent growth on 2018’s dividend of AED 0.14 per share.
Mohamed Khalifa Al Mubarak, Chairman of Aldar, said, “Abu Dhabi’s real estate market is benefitting from an economy that is transitioning to a global cultural, business and trade hub thanks to government investments and newly introduced pro-business policies. As a leader in the real estate market, Aldar has been able to swiftly convert those emerging opportunities to generate additional value for our shareholders. Looking ahead, our unique portfolio of investment properties and the valuable land bank will enable us to continue to deliver attractive returns to our shareholders.”
Talal Al Dhiyebi, CEO of Aldar said, “As the Abu Dhabi Government’s fiscal growth programmes take effect, we are seeing clear signs of growth in key segments of the real estate market. The improving operating environment is feeding into Aldar’s performance, through a 53 per cent increase in development sales, a 30 per cent increase in hospitality profit, and an 80 per cent rise in profit from Aldar Education. We remain confident in our platform’s ability to grow and deliver sustainable returns to our shareholders.”
The focus of Aldar’s development strategy will centre around its key locations such as Yas Island and Saadiyat Island, which benefit from well-developed infrastructure already in place.
A land exchange with the Abu Dhabi Government in December 2019 enhanced Aldar’s prime position in the Saadiyat Cultural District, which is central to Abu Dhabi’s emergence as a regional business hub and high-end lifestyle and cultural destination.