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Aldar H1 profits up 186 per cent
ABU DHABI —The largest reality company by market value, Aldar Properties earned a net profit of Dh2.602 billion in the first half of 2008, over Dh907.5 million in the corresponding period, showing a massive growth of 186.8 per cent, driven by fair value gains.
The real estate Company, which has announced projects worth $72 billion since inception, showed revenues of Dh3.812 billion for the first half, up against Dh16.3 million, in the comparable period previous year.
Further sales of Dh4.303 billion were made during the period and revenue will be recognised during future periods.
Net operating profit for the period was Dh1.684 billion compared to net Dh227.4 million in the comparable period. The increase was mainly due to revenue from sales of property and land plots.
Earnings per share (EPS) jumped to Dh1.09 per share in the first half of 2008, from Dh0.53, up 105.7 per cent.
The value of developments under construction are confirmed at Dh14.452 billion in the period April-June, up against Dh8.332 billion in the same period previous year, to show a growth of significant rise of 73.5 per cent.
Net asset value moved by 98.5 per cent to Dh15.266 billion, from Dh7,689 billion in the same period previous year.
Ronald Stephen Barrott, chief executive of Aldar Properties said that results for the first half of the year were in line with his expectations. “Our financial performance was reinforced by sales activity during the period”, he added.
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