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Aldar Properties posts AED 6.3bn revenue in 12M

Aldar Properties posts AED 6.3bn revenue in 12M
Aldar saw a very fruitful year with numerous achievements
Aldar
ALDAR
1.09% 5.58 0.06

Abu Dhabi – Mubasher: Aldar Properties has reported a 2% year-on-year increase in its revenue during the full year 2018, registering AED 6.3 billion.

The UAE-based developer’s gross profit reached AED 2.6 billion last year, while the net operating income recorded AED 1.6 billion during the same period, according to a company statement.

In 2018, net profit, including fair value adjustments, stood at AED 1.9 billion, while development sales hit AED 2.6 billion.

Aldar’s Saadiyat residences nears completion

“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 successful,” Aldar Properties’ chairman Mohamed Khalifa Al Mubarak commented.

The Abu Dhabi-listed company’s board recommended the distribution of AED 0.14 per share in cash dividends for 2018.

Commenting on the previous year performance, Aldar’s CEO Talal Al Dhiyebi 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.”

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Aldar saw a very fruitful year with numerous achievements, among them the launch of the AED-20 billion unit Aldar Investments.

In January, Al Dhiyebi said that the company was is looking to launch more projects, including selling land plots for the construction of villas, along with plots for commercial purposes.

The major Emirati developer announced early 2018 the launch of an AED 30 billion ($8.1 billion) joint venture (JV) with Emaar Properties, focusing on the development of master-planned destinations in national and global scales.  

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Aldar Properties logged an 8% year-on-year increase in revenues for the third quarter of 2018, recording AED 1.5 billion.