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Aldar Profit Drops to Dh1.6b

ABU DHABI — Aldar Properties PJSC, a leading property developer of Abu Dhabi, reported net profit of Dh 1,569.8 million in the first nine months of 2009, from the Dh3, 362.2 million it achieved in the same period last year.

The company’s gross revenues in the first three quarters of this year were Dh 1,740.5 million, while it was Dh 4,766.1 million in the corresponding period 
of 2008.

However, the company in a Press release issued here on Tuesday, claimed that the value of developments under construction increased significantly by 58.1 per cent compared to 2008-end to Dh36,266.8 million. This represented a net asset value per share of Dh 6.68 as against Dh 6.22 as at December 31, 2008. Total net asset value stood at Dh 17,223.1 million — up 7.4 per cent in the first nine months of the year.

Financing has increased over the period in line with the funding requirements and in the last quarter Aldar successfully secured a further Dh2,600 million. Under the current market conditions Aldar’s success in raising adequate financing for its projects clearly illustrates investors’ ongoing confidence in the company and its long term business model, the release claimed. Aldar held Dh 11,036.7 million in cash and bank balances at the end of the nine months’ period.

About the ongoing projects, the release said Ferrari World Abu Dhabi, the world’s largest indoor theme park, is progressing well and a topping out ceremony would be held shortly. This, the first-ever Ferrari theme park is scheduled to welcome its first visitors in the second half of 2010.

The Yas Marina has started welcoming its first vessels and has seen significant interest in long-term berth bookings. Work on the Yas Links Golf Course, the first links golf course in the region, is also nearing completion.

At Al Raha Beach, the first phase of development is progressing rapidly and the Al Bandar district is scheduled for handover early in the second quarter 2010 with Al Zeina and Al Muneera following from the end of the year.

The Souk at Central Market, phase 1 of Aldar’s mixed-use development in the heart of downtown Abu Dhabi, will be ready for outfit at the end of 2009.

“I am pleased that in spite of the recent very challenging world economic conditions Aldar has continued to deliver positive results throughout the year and is seeing its assets grow in value. We have achieved some major milestones in the first nine months of this year, in particular the very successful completion of the first phase of Yas Island, which includes the Yas Marina Circuit, hotels and all related facilities for the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix to be held in the next few days,’’ the release said quoting Ahmed Al Sayegh, Chairman of Aldar Properties.

ramavarman@khaleejtimes.ae