Business | Property
Aldar Properties net profit soars 196% to Dh1.36b
Aldar Properties on Wednesday reported a 196 per cent jump in its first quarter net profit to Dh1.36 billion, up from Dh450.7 million in the first quarter of 2007, a company statement said.
- Staff Report
- Published: 01:08 April 24, 2008
Dubai: Aldar Properties on Wednesday reported a 196 per cent jump in its first quarter net profit to Dh1.36 billion, up from Dh450.7 million in the first quarter of 2007, a company statement said. Gross revenue reached Dh2.23 billion while earnings per share reached Dh0.59 from Dh0.26 per share in 2007.
Aldar has confirmed developments worth Dh10.5 billion under construction, up from Dh8.33 billion in 2007. Its net asset value increased 21 per cent to Dh9.32 billion, up from Dh7.68 billion in 2007.
The financial results come a week after Moody's Investors Service assigned long-term local and foreign currency issuer ratings of 'A3' to Aldar. Moody's described the outlook for Aldar as stable.
"Aldar's ratings are supported by its leading position within Abu Dhabi, where the real estate market is bolstered by a combination of strong demographic growth and a growing economy. Ratings also benefit from the company's intention to build a significant rental property portfolio, which will ultimately support a stable income stream over the medium to long-term," it said.
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