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Aldar ’07 net profits up 55pc to Dh1.94b

ABU DHABI - Aldar Properties (Aldar),has posted net profits of Dh1.941 billion up 55 per cent during the financial year ended December 31, 2007, compared with Dh1.2497 billion during the corresponding period in the previous year.

Revenue for the year saw a rise to Dh1.2268 billion against Dh187.5 million in 2006, reflecting sales of land plots and residential units achieved during the year. Further sales revenue of Dh1.7686 billion was achieved during the year and will be recorded in the account books during future periods.

Aldar, which has $65 billion value high-end realty projects under its belt, reported Dh120.1 million net operating profits for year, compared to net operating loss of Dh164.7 million, the increase was mainly due to sales revenue.

Profit for the year grew 55 per cent to Dh1.9413 billion during the financial year from Dh1.2497 million in previous year, driven both by sales revenue and fair value gains.

The basic earnings per share (EPS) has increased 53 per cent from Dh0.72 per share to Dh1.10 per share.

Projects under construction expanded by 296 per cent to Dh8.4033 billion from Dh2.122 billion in 2006, resulting from investment in development projects.

Net asset value also went up by 135 per cent to Dh7.6894 billion compared with Dh3.271 billion registered in previous year. The company showed earnings of Dh424.6 million from its investments during the year,up against Dh74.7 million during previous year, due to the profit earned on Islamic deposits and interest income earned on fixed deposits held with banks.