ALDAR announces profitable results

ALDAR Properties PJSC of Abu Dhabi, UAE, Tuesday announced its first set of financial results, covering the period 23rd February to 30th September 2005. The results show that net profit for the period ended September 30, 2005 was AED 323 million.

ALDAR Properties additionally declared total assets of AED 2.273 billion and total shareholders’ equity of AED 1.763 billion as of September 30, 2005.

These results follow a shareholders’ vote to incorporate the company at its first AGM on January 29, 2005, and ALDAR Properties’ subsequent legal incorporation by the UAE Ministry of Economy and Planning on February 23, 2005. ALDAR shares were first listed on the Abu Dhabi Securities Market (ADSM) on April 5, 2005.

ALDAR Chairman, Ahmed Ali Al Sayegh, said: "These are early days for ALDAR. Our team is hard at work on major projects, already announced, such as the Al Raha Beach Development, Al Raha Gardens and Central Market Redevelopment. They are also preparing for major new project launches in the very near future." "In conclusion therefore, we have made an excellent start, one which we are all proud of and one which bodes well for our future."