Dubai: A Yas Mall sized boost was recorded by Aldar Properties in its fourth quarter numbers, with net profit for that period weighing in at Dh718 million, and up 77 per cent from a year before, the Abu Dhabi based developer said in a statement on Thursday. For 2014 overall, the developer had a net of Dh2.27 billion (up 2 per cent from 2013’s Dh2.23 billion) on revenues of Dh6.65 billion (a gain of 22 per cent from Dh5.38 billion), it said in a statement on Thursday.
The Board of Directors has recommended an increase in cash dividend to 9 fils a share (totalling Dh707 million) from 7 fils.
The gains were led by a strong leasing portfolio, including the fully leased out Yas Mall which opened in November. The full-year recurring revenues were up 23 per cent to Dh2.25 billion (from Dh1.83 billion), helped by the “expanded recurring revenue base and the improved performance of key assets”, the company said in a statement. It also holds good going forward, with the residential portfolio attaining 97 per cent occupancy, while that of the offices in Aldar’s books are at 91 per cent occupancy.
Mohammad Khalifa Al Mubarak, CEO, stated: “2014 has been an exceptional year ... we have executed successfully against a clear strategy and delivered on our promises of strengthening our balance sheet, monetising our land bank and growing our recurring revenues, thereby improving the quality of our earnings.”
While Yas Mall’s was the big-ticket opening, Aldar had also delivered 7,000 residential units over the last 12 months. It also has on call a substantial land bank of 77 million square metres.
