Aldar Properties, a leading real estate developer in Abu Dhabi, UAE, said it has delivered a robust performance across its two business pillars in 2017.
Announcing the results for the full-year 2017, Aldar stated that its underlying gross profit had surged 34 per cent to Dh2.7 billion mainly driven by activity on projects under construction.
Also its development sales soared to a new high hitting Dh3.5 billion, ahead of guidance, said the Emirati developer in a statement.
Its solid fourth quarter development sales surged to Dh1.2 billion driven by Water’s Edge and West Yas, while its underlying revenue grew 26 per cent to hit Dh6.2 billion.
Aldar pointed out that its net profit stood at Dh2 billion, impacted by a 3 per cent value adjustment to its asset management portfolio.
Its asset management business achieved a Dh1.6 billion net operating income guidance, supported by resilient performance and particularly strong fourth quarter, said the Abu Dhabi developer in its statement.
Impressed with the results, Aldar has made a proposal to the board of directors seeking a 12 fils per share dividend for 2017, up 9 per cent from 11 fils per share in 2016, it added.
On the solid performance, Chairman Mohamed Khalifa Al Mubarak said: "Abu Dhabi has a clear and compelling vision, and as the emirate’s leading property developer, Aldar plays a key role in supporting its growth."
"Our unrelenting focus on creating attractive urban destinations for visitors and residents of Abu Dhabi drives our ambitious growth plans and sets a solid foundation for a successful year ahead," he noted.
CEO Talal Al Dhiyebi pointed out that Aldar's accomplishments during 2017 validate the success of its destination development strategy.
"Off-plan development sales hit Dh3.5 billion, demonstrating the rich demand for the group’s properties while we expanded our portfolio of owned assets with the acquisition of International Tower, achieving our target of Dh1.6 billion in net operating income," stated Al Dhiyebi.
“We have bold plans for 2018 - exciting development launches and seeking opportunities to grow our portfolio in existing and new markets. With solid foundations, an extensive land bank, deep industry experience and an enviable portfolio of assets, Aldar is well positioned to achieve its strategy to deliver desirable destinations in Abu Dhabi in 2018 and beyond,” he added.
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