Abu Dhabi-based, Aldar Properties PJSC have reported robust financial results for the 12 months to December 31, 2018. It was a transformational year with strong momentum building in the second half that has continued into 2019.
Aldar announced several strategic decisions in 2018. The developer announced a strategic partnership with Emaar Properties. It announced an AED3.7 billion asset acquisition, taking Aldar onto Saadiyat Island. Further, the company announced creation of AED20 billion Aldar Investments.
In addition, Aldar reported AED6.3 billion revenue, up 2% and supported by asset acquisitions and development revenue recognition as projects under construction achieve milestones. The AED2.6 billion gross profit reflects a steady performance across businesses. Net operating income from recurring revenue assets stood at AED1.6 billion, up 3%.
Commenting on the results, Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, says, “Abu Dhabi’s real estate sector is a key beneficiary of the Government’s growth-focused policies, which are driving positive economic activity and sentiment. Aldar continues to play an integral role in the evolution of the industry and is successfully delivering on its strategy.”
Adding further, Talal Al Dhiyebi, CEO of Aldar Properties, states, “2018 was a transformational year with a series of game changing corporate actions. We completed one of the largest real estate transactions in the UAE’s history and created the region’s largest diversified real estate investment company. Our financial and operational performance was strong and will accelerate further as our mature asset portfolio grows and more of our developments enter the handover phase. With a positive shift in sentiment, strong liquidity in Abu Dhabi and the long-term health of our real estate market, we are optimistic about the year ahead.”