Abu Dhabi – Mubasher: The net profits of Aldar Properties plunged by 39% to AED 302.375 million during the first quarter (Q1) of 2020 from AED 493.531 million in the same quarter of 2019.
The decline in net profits was driven by a one-off fair value adjustment of AED 95 million, according to the company's interim financial results for the period ended on 31 March 2020.
The company generated AED 1.757 billion revenues in Q1-2020, almost unchanged compared to AED 1.764 billion in the corresponding period of 2020.
Aldar has sold 83% of its development pipeline by the end of Q1-2020, with development sales valued at AED 333 million.
Earnings per share (EPS) stood at AED 0.038 in the first three months of 2020, versus AED 0.070 in the same period of 2019.
The CEO of Aldar, Talal Al Dhiyebi, said: "We were able to tackle rapidly evolving conditions, while remaining steadfast in paying a 2019 dividend of AED 1.14 billion and delivering a strong first-quarter performance."
Al Dhiyebi further remarked: "Aldar continues to prudently manage its business to mitigate the impact of the global crisis and enhance long-term value for our stakeholders.”
In 2019, the company achieved net profits of AED 1.984 billion, up 7% year-on-year (YoY) when compared to fiscal year 2018.