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Sat 27 Jan 2007 12:00 AM

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Aldar Properties turns in a healthy net profit

Aldar Properties, the real estate company developing the Al Raha Beach, Al Yas Island, and the central market in Abu Dhabi, has announced a US $340 million (AED 1.25 billion) net profit for the fiscal year ending 31 December 2006

Aldar Properties, the real estate company developing the Al Raha Beach, Al Yas Island, and the central market in Abu Dhabi, has announced a US $340 million (AED 1.25 billion) net profit for the fiscal year ending 31 December 2006.

The company's earnings per share increased by 80%, rising from $0.108 to $0.196. Operating profit soared 268% year on year to reach $321 million, driven by growth in rental income and the Aldar Properties investment portfolio.

The company's net assets increased by 53% to reach $898 million, compared to $571 million in 2005.

Aldar said it was also able to secure $653 million in financing through various instruments.

Its general assembly approved in December the issuance of an Islamic Sukuk and/or debentures convertible into shares, for an amount not exceeding $3.5 billion. This will provide the developer with the funding it requires to further diversify its property development activities.

In November, Aldar announced a joint venture with UK contractor Laing O'Rourke to deliver the massive US $18 billion Al Raha Beach project.

The first project of the partnership, which is known as Aldar Laing O'Rourke JV, will be the construction of residential and commercial property at Al Raha Beach, the development being built near Abu Dhabi International Airport.

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