Abu Dhabi – Mubasher: Aldar Properties on Thursday reported an 80% decline in net profits during the fourth quarter of 2017, registering AED 140 million, compared to AED 700 million in the year-ago period.

The Abu Dhabi Securities Exchange (ADX) listed real estate developer generated a net profit of AED 2 billion in 2017 versus AED 2.75 billion a year earlier, according to a company statement.

The sales of Aldar’s development projects reached AED 1.2 billion in value during the three-month period ended 30 December 2017, the UAE-based company’s data showed.

The company’s board recommended the distribution of AED 12 per-share dividends, which account for 12% of the Aldar Properties’ capital in 2017.