Abu Dhabi's Aldar Properties Delivers Encouraging Y-T-D Financial Results

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(News Source: Aldar Properties)

(ABU DHABI, U.A.E.) -- Aldar Properties PJSC, Abu Dhabi's leading property development investment and management company, today announced its financial results for the first half of 2009, reporting AED 1,142.5 million as net profits. Net assets value grew by 5% to AED 16,845.2 million during the past six months whereas gross revenue for the period was AED 1,100.1 million. Developments under construction increased by 44.8% to AED 33,219.7 million as the company focused on the delivery of its significant development program.

During the first half of the year no land sales have been achieved. Aldar is in negotiations relating to the sale of land plots but the challenging market conditions have extended the negotiation period. However, Aldar maintains its long term view regarding the Abu Dhabi real estate sector, which is clearly demonstrated by not rushing to complete any sale that undervalues its assets.

The resilience of Aldar and the reputation of Abu Dhabi in the eyes of local and international investors was amply demonstrated by the successful completion of corporate bond fundraising, securing AED4, 590.0 million ($1,250 million). Aldar's financial strength is further demonstrated by its ability to maintain significant cash balances of AED 13,901.6 million in cash and bank balances.

There have been a number of operational highlights during the period. HQ, the first disc-shaped office building in the world, has now been offered for lease. The Yas Hotel, the first hotel to be operated by Aldar Hotels and Hospitality LLC and one of seven hotels opening on Yas Island for the 2009 Formula 1 Etihad Airways Abu Dhabi Grand Prix in November was also launched. Four buildings in the Abraj Towers project were handed over to the tenant during the period and 381 villas in Al Raha Gardens project were completed and handed over.

Ahmed Ali Al Sayegh, chairman of the board of directors of Aldar, said, "These figures present a financial picture showcasing the resilience and underlying financial strength of the Aldar business model. All shareholders and stakeholders can have confidence in the progress that has been made and the successful bond issue during the period is testament to the ongoing support for our vision. I would particularly like to applaud the huge effort that has gone into the first half of the year. It will be rewarded in the second half when a number of major milestones will be reached. This will include the completion of the Yas Marina Circuit for the first Formula 1 Etihad Abu Dhabi."

Aldar Properties PJSC is Abu Dhabi's leading property development, management and investment company. It listed on the Abu Dhabi Securities market in 2004. Aldar was established to support the region's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities.

Aldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, Central Market, Nareel Island, and Noor Al Ain. The company owns over 50 million square meters of land in strategic locations throughout the Emirate.

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