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Aldar Properties Profit Plunges to Dh1b in 2009
ABU DHABI — Aldar Properties PJSC, the leading developer of Abu Dhabi, posted a net profit slightly above Dh1 billion in 2009, marking a massive drop from about Dh3.4 billion achieved in 2008.
The company suffered a loss of nearly Dh562 million in the fourth quarter of 2009, Shafqat Malik, Chief Financial Officer, told Khaleej Times.
The ADX-listed firm reported a full-year revenues of Dh1.98 billion, marking a drastic decline from Dh4.98 billion in 2008.
The firm reported an EBIDA, or earnings before interest, depreciation and amortisation, of Dh906.8 million last year, registering a significant decline from Dh3.37 billion achieved in 2008.
The decrease in revenue was due to lower sale of land plots during 2009, the company said in a statement on Sunday.
Malik disclosed that the company was planning to deliver 600 units in the first half of the year., and another similar number are likely to be delivered in the second half as well.
Although 2009 was a challenging year economically, Aldar was able to increase its net asset value by 3.9 per cent to Dh16.65 billion as against Dh16.03 billion in 2008.
Developments under construction were Dh17.92 billion at the year end compared to Dh22.93 billion as at December 31, 2008.
The decrease is due to number of projects completed during the year, the statement said.
The resilience of Aldar and the reputation of Abu Dhabi in the eyes of local and international investors was amply demonstrated by the successful completion of corporate bond fund raising, securing Dh8.95 billion during the year to fund its development projects through a mix of conventional and Islamic instruments, including Dh4.59 billion of corporate bonds,’’ it added.
Asked whether the company was planning to launch similar fund-raising programme this year, Malik said, “Our liquidity position is very good, and we have no such scheduled plans as of now. But we will take such decision, after evaluating the market conditions.” — ramavarman@khaleejtimes.com
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