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Mohamed Khalifa Al Mubarak

Aldar Properties' 2018 revenue hits $1.7bn

ABU DHABI, February 13, 2019

Aldar Properties, a leading property development company in Abu Dhabi, UAE, has reported a full-year 2018 revenue of Dh6.3 billion ($1.71 billion), up 2 per cent over the previous year on the back of asset acquisitions and development revenue recognition as projects under construction achieved milestones.

Announcing the financial results for the 12 months to December 31, 2018, Aldar said its gross profit rose to Dh2.6 billion thus reflecting a steady performance across its businesses.

The year 2018 had been a transformational year with strong momentum building in the second half that has continued into 2019, it stated.

Impressed with the results, the board had recommends 14 fils per share dividend for 2018, representing a 17 per cent increase over 2017 and the sixth consecutive year of growth.

The proposed total dividend payout of Dh1.1 billion reflects the quality of Aldar’s recurring revenue assets that contributed the majority of the dividend, with growth supported by development handovers and collection of final payments, it added.

Chairman Mohamed Khalifa Al Mubarak said: "Abu Dhabi’s real estate sector is a key beneficiary of the government’s growth-focused policies, which are driving positive economic activity and sentiment. Aldar continues to play an integral role in the evolution of the industry and is successfully delivering on its strategy."

"The strength and consistency across our businesses underpins the board’s confidence in proposing an increased dividend for 2018," he stated.

CEO Talal Al Dhiyebi said: "2018 was a transformational year with a series of game-changing corporate actions. We completed one of the largest real estate transactions in the UAE’s history and created the region’s largest diversified real estate investment company."

"Our financial and operational performance was strong and will accelerate further as our mature asset portfolio grows and more of our developments enter the handover phase," he noted.

"We are extremely confident, starting 2019 with powerful momentum from the incredible response to the launch of Alreeman. With a positive shift in sentiment, strong liquidity in Abu Dhabi and the long-term health of our real estate market, we are optimistic about the year ahead," he added.-TradeArabia News Service




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