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Aldar builds on success as momentum increases

By Kevin Brass www.thenational.ae

Aldar Properties, the developer behind some of Abu Dhabi’s most eye-catching projects, yesterday posted its third straight profitable quarter since the company’s debt was restructured in January.

Al Zeina

Al Zeina

Net profit for the third quarter was Dh144 million (US$39.2m), compared with a loss of Dh731.2m in the same period a year ago, as the company continued handovers of homes in Raha Beach.

Revenue for the quarter jumped to Dh3.13 billion, compared with Dh505.3m the same period a year ago, the company reported.

The company’s quarterly results includeDh2.7bn from the sale of land on Yas Island to the Abu Dhabi Government, part of the January funding plan.

The company also said it was able to raise Dh734.6m in bank borrowings, “demonstrating continued access to funding markets”.

“This period has seen good progress in areas of strategic importance to the business,” said Ali Eid Al Mheiri, the chairman of Aldar Properties.

Aldar cut 105 employees, 24 per cent of its staff, as part of a corporate restructuring last week. The company, which developed Ferrari World and Raha Beach, said it would cut back on development plans and focus more on property and asset management.

The results for the third quarter highlighted many of the key areas for Aldar as it reshapes the company.

Rental income from offices and retail space increased to Dh537.3m for the first nine months of the year compared with Dh269.8m last year. And the company’s schools and hotels business generated Dh368.6m for the three quarters this year compared with Dh247.6m in the same period a year earlier. More info

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