Aldar Properties, the leading integrated property development company in Abu Dhabi, has reported Dh2.6 billion profit for the first half of 2008.
For the second quarter alone, net income rose to Dh1.24bn from Dh456.8 million in the same period last year. According to the highlights, the gross revenue for first half of 2008 reached Dh3.8bn with the profit standing at Dh2.6bn and the net asset value moving by 99 per cent to Dh15.3bn.
"Results for the first half of the year were in line with our expectations and again our financial performance was reinforced by sales activity during the period. These results are a reflection of our focused and structured approach to the business. Our mission is to deliver sustained and long-term shareholder value by proactively managing our development projects," CEO Ronald Barrott said.
Prior to yesterday's announcement, Aldar had already secured funding in excess of Dh34bn ($9.2bn) to undertake the development projects through convertible and non-convertible bonds (sukuks) and bank borrowings.
One of the largest UAE-listed property development companies by market value, which stood at Dh32.3bn ($8.7bn) as of July 24, 2008, the company has announced developments worth more than $72bn (Dh266bn) since its inception in 2005. The projects include Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Qurm Resort, as well as the Yas Island project with a Warner Bros and a Ferrari theme park.
The company also has the largest land bank in the emirate of Abu Dhabi, comprising over 34 million square metres, 100 per cent earmarked for specific developments valued at Dh44.2bn ($12bn) as of December 31 last year.