Aldar profits enjoy hefty gains of 202% in first quarter



Aldar Properties, the second-biggest UAE property developer by market value, said first-quarter profit rose by 202 per cent.

Net income in the three months to March 31 climbed to Dh1.36 billion ($370.4 million), or Dh0.59 per share, compared with Dh450.67m, or Dh0.26 per share, in the year-earlier period. The Q1 results come a week after Moody’s assigned long-term local and foreign currency issuer ratings of A3 to Aldar. Moody’s, a leading provider of independent credit ratings financial information to the capital markets, has described the outlook for Aldar as stable.

“Aldar’s ratings are supported by its leading market position in Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy,” said Moody’s report.

The company held its annual general meeting in Emirates Palace during the quarter where a dividend of 10 fils per share was agreed to be paid to shareholders.

Commenting on the results, Ronald Barrott, CEO of Aldar, said: “We have delivered strong results in the first quarter of 2008 and continue to perform in line with our expectations. These results are a reflection of our focused and structured approach to business.”

Aldar Properties has announced developments worth more than $65bn since its launch in 2005.