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 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.