ALDAR Properties announce financial results for Q3 2007

Published October 25th, 2007 - 07:23 GMT

ALDAR Properties PJSC (“the company” or “ALDAR”), Abu Dhabi’s leading property developer (ADSM: ALDAR), today announced the company’s financial and operational highlights for the third quarter of 2007.


Financial Highlights

• Revenue for the quarter AED 129.3 million and sales of AED 451.0 million was achieved

• Profit for the quarter AED 505.5 million

• Developments under construction AED 5.7 billion as at 30 September 2007

• Earnings per share AED 0.82 per share for nine month period ended 30 September 2007 (30 September 2006: AED 0.47 per share)

• Net asset value up 39% to AED 4.6 billion (31 December 2006: AED 3.3 billion)

During Q3 2007 ALDAR made several important announcements.

In July 2007, ALDAR announced that it had awarded a contract to ALDAR/Laing O’Rourke Company for a major infrastructural package at Al Raha Beach project for Interchanges four, five and six, which will provide access to the mixed use development from the adjacent Abu Dhabi - Dubai highway.


In August 2007 ALDAR announced its expansion into Malaysia via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia.


ALDAR Properties’ academic body, ALDAR Academies LLC opened its first school on September 10th 2007. The school, named The Pearl Primary School, is based in the centre of Abu Dhabi and will be the first of ALDAR Academies’ 20 new schools in the next five years.


Also in September ALDAR announced the signing of a long-term strategic agreement with Oberoi Hotels and Resorts which will see the development of two new luxury hotels at ALDAR’s projects on YAS Island and Al Raha Beach.


Prior to the close of the quarter on September 26th Warner Bros. Entertainment, ALDAR and Abu Dhabi Media Company signed long-term, multi-faceted strategic alliance in a landmark deal to develop a theme park, hotel and cinemas, establish the formation of a fund to finance films and to develop and publish video games, as well as supporting the growth of new media in Abu Dhabi.


Commenting on the results, Ronald Barrott, Chief Executive of Aldar said: “We have had another strong quarter of growth and achievement. The strong performance was evident with Net Asset Value up 39% and profit increased by 73%. These results are reflection of our focused and structured approach to business.  


I am confident that the combination of current development projects and our ability to source and procure efficiently will result in Aldar delivering strong results for the full year.”


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