Abu Dhabi’s Aldar reports 34% growth in 2017 underlying profit

Aldar Properties' 2017 underlying profit reached $740m, while its underlying revenue grew by 26% to $1.7bn

Aldar launched Water's Edge in 2017.
Aldar launched Water's Edge in 2017.

Aldar Properties has released details of its 2017 financial performance, announcing a 34% hike in its underlying gross profit for the year.

In a statement, the Abu Dhabi-headquartered property developer revealed that its 2017 underlying profit reached $740m (AED2.7bn), while its underlying revenue grew by 26%, to $1.7bn (AED6.2bn).

The company’s development sales hit $950m (AED3.5bn), ahead of guidance, while its net profit stood at $540m (AED2bn).

According to Aldar, its net profit was affected by a 3% value adjustment to its asset management portfolio.

Its asset management business, the company further revealed, achieved $440m (AED1.6bn) net operating income.

Commenting on the results, HE Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, 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.” 

Meanwhile, Talal Al Dhiyebi, the developer’s chief executive officer, added: “Our accomplishments during 2017 validate the success of our destination development strategy.

"Off-plan development sales hit $950m (AED3.5bn), demonstrating the rich demand for Aldar’s properties while we expanded our portfolio of owned assets with the acquisition of International Tower, achieving our target of $440m (AED1.6bn) in net operating income.”

Aldar is proposing a 12 fils per share dividend to its board for 2017, up 9% from 11 fils per share in 2016.

The company also unveiled The Bridges and Water’s Edge in 2017, both of which were received well, with almost all units selling out within weeks of being launched. 

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