Aldar Properties records Dh2.26b in 2014 net profit

Aldar Properties records Dh2.26b in 2014 net profitImage Credit: Supplied

Abu Dhabi's Aldar Properties has reported a net profit of Dh2.27 billion on revenues of Dh6.55 billion for 2014. The Board of Directors will recommending a cash dividend of 9 fils a share.

The developer had a strong finish to the year with fourth quarter net profits of Dh718 million, up 77 per cent from a year before. The numbers were given massive boost by the opening of the Yas Mall in November and which has been operating at optimum occupancy levels.

''2014 has been an exceptional year for Aldar - we have executed successfully against a clear strategy and delivered on our promises of strengthening our balance sheet, monetising our land bank and growing our recurring revenues, thereby improving the quality of our earnings,'' said Mohammad Khalifa Al Mubarak, CEO. ''Over the year we opened our flagship retail asset, Yas Mall, and delivered over 7,000 residential units to our customers and asset management portfolio. ''We have a development plan with the potential to launch 7,300 units across our existing destinations over the next four to five years.''

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Source: Staff Report,


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