Aldar Properties PJSC, Abu Dhabi’s leading property development, investment and management company today announced financial results for the first nine months of 2009. Despite still challenging economic conditions, Aldar reported net profit of AED 1,569.8 million with gross revenues of AED 1,740.5 million during the period.
Developments under construction increased significantly by 58.1 per cent compared to end 2008 to AED 36,266.8 million, representing a net asset value per share of AED 6.68 versus AED 6.22 as at 31st December 2008. Total net asset value stood at AED 17,223.1 million, up 7.4 per cent in the first nine months of the year.
Financing has increased over the period in line with the funding requirements and in the last quarter Aldar successfully secured a further AED 2,600 million . Under the current market conditions Aldar’s success in raising adequate financing for its projects clearly illustrates investors’ ongoing confidence in the company and its long term business model..
At the end of the period Aldar held AED 11,036.7 million in cash and bank balances.
During the third quarter Aldar successfully completed and handed over the Yas Marina Circuit which will this week host the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix, as well as the seven new hotels, including the spectacular Yas Hotel, which will be the first hotel directly managed by Aldar’s Hotels & Hospitality division. The period also saw completion of the 22 km main section of the Sheikh Khalifa bin Zayed Highway and extensive infrastructure to service current and future development at Yas Island. Ferrari World Abu Dhabi, the world’s largest indoor theme park is progressing well and a topping out ceremony will be held shortly. This, the first ever Ferrari theme park is scheduled to welcome its first visitors in the second half of 2010.
The Yas Marina has started welcoming its first vessels and has seen significant interest in long-term berth bookings. This coming weekend scores of spectators will watch the inaugural race on board a yacht in the marina. Work on the Yas Links Golf Course, the first links golf course in the region, is also nearing completion.
At Al Raha Beach, the first phase of development is progressing rapidly and the Al Bandar district is scheduled for handover early in the second quarter 2010 with Al Zeina and Al Muneera following from the end of the year. The Souk at Central Market, phase 1 of Aldar’s mixed-use development in the heart of downtown Abu Dhabi, will be ready for outfit at the end of 2009, restoring a much loved landmark to residents and visitors alike.
Ahmed Al Sayegh, Chairman of Aldar Properties, commented: “I am pleased that in spite of the recent very challenging world economic conditions Aldar has continued to deliver positive results throughout the year and is seeing its assets grow in value.
We have achieved some major milestones in the first nine months of this year, in particular the very successful completion of the first phase of Yas Island, which includes the Yas Marina Circuit, hotels and all related facilities for the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix that will welcome local and international visitors later this week.
Aldar continues to focus on the delivery of key projects, whilst pursuing a well planned business strategy in conjunction with a measured approach to development which we believe will deliver ongoing value creation for shareholders and all other stakeholders.”
