ALDAR Properties Holds AGM

Published March 3rd, 2008 - 11:48 GMT

ALDAR Properties Holds AGM

ALDAR Properties PJSC (“the company” or “ALDAR”), Abu Dhabi’s first and leading property developer (ADSM: ALDAR), held its Annual General Meeting today, highlighting the company’s financial results to its shareholders and demonstrating the success it has achieved in building a strong platform to spear current and future developments.

“We close 2007 with a strong set of financial results, combined with concrete sales figures and the successful handover of our first phase of projects,” commented Chairman. “Positive feedback was received from the Board, and shareholders in attendance, and we look forward to continuing our positive growth and development throughout 2008.”

During the Annual General Meeting, the Board of Directors' report, auditor’s report, budget, and profit and loss account were approved.  Members of the Board of Directors and the Auditors were acquitted from liability for the fiscal year and wages to be paid to the members of the Board of Directors were approved. 

A decision to go ahead with a dividend of 10 fils per share was taken. Deloitte & Touche (M.E.) were appointed as auditors for 2008 and their fees were set.  At the close of the meeting, the election of the members of the Board of Directors for the coming three years as per the company's articles of association was carried out. The Board of Directors are:

1- Ahmed Ali Al Sayegh, Chairman.
2- Nasser Ahmed Al Sowaidi.
3- Khaldoon Khalifa Al Mubarak.
4- Khadem Abdulla AL Kubaisi.
5- Sultan AL Jaber.
6- Khalifa Sultan Al Sowaidi.
7- Ali Al Muhairi.
8- Ibrahim Lary.
9- Ronald Barrott.

During the year, the company launched a number of new precincts, and celebrated some significant milestones across previously launched projects. ALDAR’s first finished properties were handed over to Emirati nationals following the completion of the first phase of Al Raha Gardens, the first residential freehold development in the emirate of Abu Dhabi.

Furthermore, the company’s international profile continues to develop, with its maiden international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans to build a mixed-use development in Kazakhstan’s capital, Astana.

The company went to national and international capital markets and raised over AED 33 billion financing.



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, 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).

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