Abu Dhabi-based developer Aldar Properties on Wednesday said that it generated AED1.9 billion ($520 million) net profit including fair value adjustments of AED700 million during 2018.
The net profit came from AED6.3 billion in revenue, up by 2 percent on the previous year.
The company said it registered AED2.6 billion of development sales, driven by strong fourth quarter, adding that 78 percent of all projects under development were sold at end of 2018.
Aldar said 2018 was a significant year, with a strategic partnership signed with Emaar Properties and the creation of the AED20 billion Aldar Investments, the region’s largest diversified real estate investment company.
The developer added that its board has recommended a 14 fils per share dividend for 2018, representing a 17 percent increase over 2017 and the sixth consecutive year of growth.
The proposed total dividend payout of AED1.1 billion reflects the quality of recurring revenue assets that contributed the majority of the dividend, it said.
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, CEO 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.”
The company launched a total of 1,423 residential units for sale during 2018, with 15 projects at various stages of completion within the development pipeline and 1,237 homes handed over to customers.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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