Aldar net profit up 8% to Dh2.8 billion

ABU DHABI (WAM) — Aldar Properties today announced net profit of AED2.8 billion for the financial year ended 31st December 2016, up 8 percent from AED2.6 billion in 2015.

Underlining Aldar’s commitment to returning capital to shareholders, the company has proposed an 11 fils per share dividend for 2016, up from 10 fils per share in 2015.

Commenting on the results, Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said, “We have enjoyed a solid year in terms of our underlying financial performance and our delivery against our strategic goals. Our business continues to mature and our diverse and robust assets have delivered consistent returns through natural market cycles. We continue to see demand for our destination development strategy to create high quality, well-situated properties in vibrant communities in Abu Dhabi. As a result, our development sales value increased 17 percent to AED3.5 billion in 2016. Regarding our asset management portfolio, despite a softer operating environment, we achieved our target of AED1.6 billion recurring revenue net operating income.

“In 2017, we intend to focus on the opportunities presented by the growing demand for mid-market products in our development business. As for the asset management side, we remain fixed on our long term growth targets, which will be achieved through our AED3 billion investment programme, and we look forward to announcing more details on this programme shortly. We also believe there are further investment opportunities, which our strong financial position gives us the scope and visibility to explore.

He concluded, “As a result, I am pleased to announce that our board has proposed an 11 fils per share dividend for 2016, up from 10 fils per share in 2015.”