ALDAR Properties PJSC (“the company” or “ALDAR”), Abu Dhabi’s first and leading property developer (ADSM: ALDAR), today announced the company’s preliminary financial results for the year ended 31 December 2007.
Financial Highlights Revenue for the year increased to AED 1,226.8 million (2006: AED 187.5 million) reflecting the sales of land plots and residential units achieved during the year. Further sales revenue of AED 1,768.6 million was achieved during the year and will be recognized during future periods. Net operating profit for year AED 120.1 million compared to net operating loss of AED 164.7. The increase was mainly due to sales revenue. Profit for the year up 55% to AED 1,941.3 million (2006: AED 1,249.7 million) driven both by sales revenue and fair value gains. Basic earnings per share have increased 53% from AED 0.72 per share to AED 1.10 per share. Developments under construction increased by 296% to AED 8,403.3 million (2006: AED 2,122.3 million) resulting from investment in development projects. Net asset value up 135% to AED 7,689.4 million (2006: AED 3,271.0 million).
Commenting on the results, Ronald Barrott, Chief Executive Officer of Aldar said: “We have had phenomenal year of growth and achievement. The Company entered into next phase of evolution by making net operating profit of AED 120.1 million. The strong performance was also evident with Net Asset Value up 135% and profit increased by 55%. These results are reflection of our focused and structured approach to business.
We have a strong base from which to take Aldar forward and I have every confidence that the Company will continue to thrive.”