Aldar revenues surge to AED6.3bn in 2018

Emirates Business

Aldar Properties PJSC (Aldar) reports robust financial results for the 12 months to December 31, 2018 – a transformational year with strong momentum building in the second half that has continued into 2019.
The company posts AED 6.3 billion revenue, up 2%, supported by asset acquisitions and development revenue recognition as projects under construction achieve milestones.
The company’s gross profit for 2018 reached AED 2.6 billion, while net operating income reached AED 1.6 billion. Asset Management business contributed 57% to gross profit in FY 2018.
Driven by strong performance in Q4, Aldar records AED 2.6 billion of development sales. The company sold 78% of all projects under development at end of 2018.
Aldar completed AED 3.7 billion worth of asset acquisition in June 2018, that contributed AED 0.7 billion and AED 0.2 billion in revenue and gross profit to the company respectively.

The Board recommends 14 fils per share dividend for 2018, representing a 17% increase over 2017 and the sixth consecutive year of growth. The proposed total dividend payout of AED 1.1 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.
HE Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, 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.”
Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, 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. 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.”
Aldar completed AED 3.7 billion asset acquisition in June 2018, that contributed AED 0.7 billion and AED 0.2 billion in revenue and gross profit to the company respectively.