Aldar announces results: revenues down

Under construction: company has almost 18 million AED worth of projects on the go.

Aldar, developer of the Yas Marina formula one circuit, has reported AED 906.8 million as earnings before interest, depreciation and amortisation for the 2009 financial year.

This compares to a figure of AED 3,371.1 million for 2008. Revenues were down from AED 4,978.3 million in 2008 to AED 1,979.3 million in 2009. Aldar blamed lower sales of land plots for the decline. On the upside the company has increased its net asset value by 3.9% to AED 16,650.5 million, a slight improvement on 2008’s figure of AED 16,032.5 million.

With AED 17,923.6 million worth of developments under construction at year end, the company has completed a number of projects during the last year. While the F1 circuit was probably the most high profile the Yas Hotel and other six hotels were also completed for the Grand Prix event. Aldar Academies successfully launched its third school, Al Muna Primary School, during the year and phases II and III of Al Raha Gardens were completed and handed over to the owners.

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In a statement Ahmed Ali Al Sayegh, chairman of the board of directors of Aldar, said: "These figures demonstrate the underlying financial strength of Aldar. Much progress was made in 2009 in what was a particularly difficult financial year. We remain cautiously optimistic about the year ahead which will see further evidence of progress being made towards realising our long-term strategic and financial objectives.”