Aldar posts Dh2.6B profit

abu dhabi — Aldar Properties has announced Dh6.3 billion in revenues for the 12 month period to December 31, 2018, up two per cent over the previous year and supported by asset acquisitions and development revenue recognition.

The company also reported Dh2.6 billion in gross profit, as well as Dh1.6 billion net operating income from recurring revenue assets up three per cent. The Dh3.7 billion asset acquisition completed in June 2018 contributed Dh0.7 billion and Dh0.2 billion in revenue and gross profit respectively, and will set the stage for growth.

The board has recommended a 14 fils per share dividend for 2018, representing a 17 per cent increase over 2017 and the sixth consecutive year of growth. The proposed total dividend payout of Dh1.1 billion reflects the quality of Aldar’s recurring revenue assets that contributed the majority of the dividend, with growth supported by development handovers and collection of final payments.

Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, said: “Abu Dhabi’s real estate sector is a key beneficiary of the government’s growth-focused policies, which are driving positive economic activity and sentiment. Aldar continues to play an integral role in the evolution of the industry and is successfully delivering on its strategy.”