Aldar Properties achieved 7% annual net profit growth to reach 1.984 billion dirhams, thanks to the growth of its business in the Development Projects and Asset Management units. < / p>
According to the company’s press release, the company’s board of directors recommended distributing 14.5 fils of cash for each share, which represents an increase of 4% compared to the profits distributed in 2018, which amounted to 14 fils for each share.
the highlights of the development project management unit
- The company achieved record sales of development projects during the year 2019, amounting to 4.0 billion dirhams, with a growth of 53%, as a result of the launch of new projects (Al-Rayman, Al-Rayman 2, Lea, and Saadiyat Reserve), along with strong sales of Yas Acres, West Yas and the Saadiyat Walk. Future revenues from development projects in progress increased to 4.4 billion dirhams at the end of 2019 (compared to 4.2 billion dirhams at the end of December 31, 2018).
- It made remarkable progress on the level of projects under construction, which boosted the company's revenues from development projects by 27%, noting that the Saadiyat and Jawaher Walk projects are now in the delivery phase.
- The Abu Dhabi government mandated Aldar Properties to implement a number of major projects worth 5 billion dirhams, which included the development of major infrastructure and public facilities on Saadiyat Island, construction of the new headquarters for twofour54 on Yas Island, and a housing project for citizens in the Al Falah region.
Asset Management results highlights
- Net operating income from asset management during the year 2019 reached 1.7 billion dirhams, a growth of 6%, driven by investments generating recurring revenue represented in the acquisition of Union Plaza The Etihad Airways Center and the new expansion of the Jimmy Mall.
The average occupancy rate was stable at 89% at the investment property portfolio level, which confirms the quality of our diversified asset base.
- Total profits in the hospitality sector increased by 30%, and revenue per room increased by 8%, thanks to the organization of many prominent events in Abu Dhabi throughout the year and the promotion of the tourism and entertainment sector.
The company has witnessed strong growth in its most prominent secondary business, including Aldar Academies, which recorded an increase in the number of registered students to 22,000 students during the past two academic years, while the strategy of transformation in the service and profession companies resulted in an increase in the rate of revenue growth.
Commenting on these results, His Excellency Mohammed Khalifa Al-Mabbar said ...
