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