Abu Dhabi’s largest property developer, ALDAR Properties PJSC (ADSM: ALDAR), today announced the company’s financial and operational highlights for the first half of the financial year 2007.
• Profit for the period increased 72% to AED 907.5 million against AED 526.7 million in H1 2006. These results are driven mainly by fair value gains.
• Developments constructed increased by 92% to AED 4.1 billion, compared to AED 2.1 billion at year end 2006, resulting from investment in existing and new development projects.
• Earnings per share increased 71% from AED 0.31 per share to AED 0.53 per share.
• Net asset value rose 30% to AED 4.3 billion, up from AED 3.3 billion in at year end 2006.
During this period the company also raised AED 17 billion through the successful issuance of a Covertible Islamic Sukuk, and syndicated loan facility for Raha Beach Infrastructure.
During Q2 2007 ALDAR made several important announcements about financing and new projects. In May ALDAR announced the appointment of Morgan Stanley Bank International Limited, Abu Dhabi Commercial bank, Dubai Islamic Bank, National Bank of Abu Dhabi and First Gulf Bank as lead arrangers in the forthcoming US$2.1 billion syndicated loan facility to fund its Al-Raha Beach Infrastructure project. In April, the company signed an agreement to develop the world’s first and only Ferrari theme park on Yas Island, Abu Dhabi.
ALDAR Chairman Ahmed Ali Al Sayegh commented: "The strong financial performance reflects the strategy of our growth and achievement during the period. With Abu Dhabi now a feature on the international property stage, we will continue building our world-class developments while providing a stable and profitable investment for our shareholders.”