Aldar Properties announces net profit of AED 2.6 billion in FY 2015

ALDAR 1

Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, announced net profit of AED 2.6 billion ($706 million) for the financial year ended 31 December 2015, up 13% from AED 2.3 billion ($624 million) in 2014. Net profit for the fourth quarter rose 4% to AED 750 million, from AED 718 million in Q4 2014.

The Company proposed a 10 fils per share dividend for 2015, up from 9 fils per share in 2014. The Board has also formalised a progressive policy for dividend recommendations from 2016 onwards, underlining the company’s commitment to returning capital to shareholders.

“2015 was another successful year for Aldar with development sales of AED 3 billion and gross profit from recurring revenue up by 49%. Our focus on stabilising recurring revenue assets has significantly improved the quality of our earnings and provided clarity on long-term cash flow.”said H.E. Mohamed Al Mubarak, CEO of Aldar Properties.

“Delivering shareholder value remains a priority for Aldar. Our continued success has created a more stable and mature company. I am pleased to announce that our Board has proposed a 10 fils per share dividend for 2015. We also believe now is the appropriate time to formalise a progressive dividend policy that reflects the underlying profitability and cash flow of the business.”

“Our business remains underpinned by a healthy balance sheet, stable operating environment, and strong fundamentals. Consistency in delivering growth from a high quality portfolio of assets and a strong pipeline of developments gives me great confidence in Aldar’s future.”he added.

Aldar Properties Project

Source: http://www.aldar.com/

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