Aldar Properties PJSC today reported a "very strong" financial performance during the first three quarters of 2008, with a 137.9% growth in net profit and a 111.9% rise in net asset value, compared to the same period last year.
Net operating profit registered AED 2,119.2 million, compared to a net operating loss of AED 283.3 million last year. The net profit for the period was AED 3,362.2 million, representing a growth of 137.9%. Basic earning was AED 1.38 per share, up 68.3% from last year's AED 0.82 per share.
Gross revenue increased to AED 4,766.1 million, compared to AED 146.8 million in the same period of 2007. This increase was delivered by land and property sales achieved during the nine months of 2008. Further sales of AED 6,410.7 million were achieved and revenue will be recognised in future periods.
The value of developments under construction increased by 119.2% to AED 18,260.1 million (2007: AED 8,332 million).
John Bullough, Chief Executive of Aldar said: "We have delivered very strong results in the first nine months of 2008 and continue to perform in line with our expectations. The profit growth was driven primarily by increase in sales revenues. These results are a reflection of our focused and structured approach to business. Our mission is to deliver sustained and long term shareholder value by proactively managing our development projects."
Shafqat Malik, Chief Financial Officer, commented: "The sales of both land plots and property continue to grow strongly. For the nine months period, we have achieved sales totalling AED 7,058.4 million for property sales and AED 3,997.3 million for land plots. We exceeded our targets both in achieving these sales in total and also in selling price."
The early part of the year saw Aldar being assigned A3 and A- ratings for long term local and foreign currency issuer by Moody's Investors and Standard & Poor.
Aldar Properties has announced developments worth more than US$ 72 billion since its launch in 2005 including Yas Island, Al Raha Beach, Central Market, Nareel Island, Noor Al Ain, and Al Gurm Resort. Aldar has the largest land bank in Abu Dhabi comprising over 51 million square meters, 100% earmarked for specific developments and 32 million square meters was valued at AED 44.2 billion (US$12 billion) as at 31 December 2007.