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Aldar logs higher net profits at AED 1.98bn in 2019

Aldar logs higher net profits at AED 1.98bn in 2019
Aldar generated AED 7.148 million revenues in 2019
Aldar
ALDAR
-0.68% 1.47 -0.01

Abu Dhabi – Mubasher: The net profits attributable to the shareholders of Aldar Properties grew by 7% year-on-year (YoY) to AED 1.984 billion during fiscal year 2019 when compared to 2018, according to the company’s press release on Wednesday.

The increase in 2019 net profits resulted from a boost in the development and asset management businesses.

Meanwhile, the company generated AED 7.148 million revenues in 2019, representing a 14% rise on an annual basis.

The 2019 development sales surged by 53% to AED 4 billion in 2019 compared to the prior year, following the launch of new development projects and strong sales in the company’s Yas Acres, West Yas, and Mamsha.

In the fourth quarter of 2019, the net profits of the real estate development, management, and investment company soared by 81% to AED 577 million last year, compared to 2018.

In this regard, the company’s board proposed a cash dividend of AED 0.145 per share for 2019, up 4% from the AED 0.14 per share dividends in 2018.

Noteworthy to mention, during the third quarter of 2019, the company’s net profits declined by 8% YoY to AED 387 million from AED 420 million in the same period of the prior year.