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Aldar Properties announces decline in net profits in 2020; dividends proposed

Aldar Properties announces decline in net profits in 2020; dividends proposed
The group's revenues rose by 17% YoY in 2020
Aldar
ALDAR
1.09% 5.58 0.06

Abu Dhabi – Mubasher: The consolidated financial results of Aldar Properties registered net profits attributable to the owners of AED 1.932 billion in 2020, down from AED 1.984 billion in 2019.

The group's revenues rose by 17% to AED 8.392 billion in 2020 from AED 7.148 billion in 2019, according to a press release on Sunday.

The basic and diluted earnings per share (EPS) settled at AED 0.246 in 2020, against AED 0.252 in the earlier year.

Meanwhile, the company's board has proposed a cash dividend distribution of 14.5 fils per share for 2020, aggregating at a total amount of AED 1.14 billion.

The Chairman of Aldar Properties, Mohamed Khalifa Al Mubarak, said: "During this critical period, Aldar has reinforced its position as the trusted partner for public-private collaboration on strategic real estate and infrastructure investment."

The Group CEO, Talal Al Dhiyebi, commented: "Aldar’s powerful performance in 2020 has set the tone for a new phase of sustainable growth. We have adopted a new operating model to propel the company to the next level in terms of scale and breadth of activity and to meet our ambitious sustainability targets."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits increased by 8% to AED 416 million, compared to AED 387 million in the year-ago period.