Aldar Properties said land sales accounted for 75 per cent of its revenue last year, and the value of investment properties under development more than tripled to Dh4.52 billion ($1.23 billion).
The sale of residential units accounted for most of the remainder of revenue, which rose 12-fold to Dh1.23 billion ($337 million), the second-largest UAE real estate developer by market value, said on Wednesday on the Abu Dhabi bourse Web site.
Land sales were Dh919.5 million ($251.9 million) and residential sales Dh268 million ($73.4 million), it said.
On Tuesday, the state-controlled firm reported a 55 per cent increase in 2007 profit, implying a fourth-quarter rise of almost 23 per cent, according to Reuters calculations.
Debt rose almost 17-fold to Dh10.56 billion ($2.9 billion) at year-end, compared with Dh635 million ($174 million) on December 31, 2006, the developer said.
Construction costs rose almost five-fold to Dh648 million ($177.5 million), it said.
It posted an operating profit of Dh120.1 million ($32.9 million) to reverse a loss of Dh164.7 million ($45.1 million) a year earlier, it said on Tuesday. (Reuters)
Aldar Properties sales boost '07 revenue