Aldar Net Profit Rises 7% To AED 1.98 Billion, Development Sales Increase 53% To Record Aed 4.0 Billion

Press release
Published February 12th, 2020 - 11:50 GMT
Aldar Net Profit Rises 7% To AED 1.98 Billion, Development Sales Increase 53% To Record Aed 4.0 Billion
Aldar was awarded AED 5.0 billion of projects by the Government of Abu Dhabi, including infrastructure works on Saadiyat Island, a new campus for twofour54 on Yas Island and the Al Falah national housing project .
Highlights
In 2019, net operating income from recurring income assets of AED 1.7 billion, up 6% year on year, driven by the value accretive additions of Etihad Plaza, Etihad Airways Centre and the Al Jimi Mall extension

Aldar Properties PSJC (“Aldar”), today reported a 7% year on year increase in 2019 net profit to AED 1.984 billion, driven by growth across both its development and asset management businesses.

The Company’s Board of Directors recommended a cash dividend of AED 0.145 per share, representing a 4% growth on 2018’s dividend of AED 0.14 per share.

H.E. Mohamed Khalifa Al Mubarak, Chairman of Aldar, said “Abu Dhabi’s real estate market is benefitting from an economy that is transitioning to a global cultural, business and trade hub thanks to government investments and newly introduced pro-business policies.

As a leader in the real estate market, Aldar has been able to swiftly convert those emerging opportunities to generate additional value for our shareholders. Looking ahead, our unique portfolio of investment properties and valuable land bank will enable us to continue to deliver attractive returns to our shareholders.” 

Talal Al Dhiyebi, CEO of Aldar said, "As the Abu Dhabi Government’s fiscal growth programmes take effect, we are seeing clear signs of growth in key segments of the real estate market. The improving operating environment is feeding into Aldar’s performance, through a 53% increase in development sales, a 30% increase in hospitality profit, and an 80% rise in profit from Aldar Education. We remain confident in our platform’s ability to grow and deliver sustainable returns to our shareholders.”

The focus of Aldar’s development strategy will centre around its key locations such as Yas Island and Saadiyat Island, which benefit from well-developed infrastructure already in place.

A land exchange with the Abu Dhabi Government in December 2019 enhanced Aldar’s prime position in the Saadiyat Cultural District, which is central to Abu Dhabi’s emergence as a regional business hub and high-end lifestyle and cultural destination.

Background Information

Aldar Properties

Aldar Properties PJSC, is the leading real estate developer in Abu Dhabi, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate of Abu Dhabi.

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