Abu Dhabi developer Aldar Properties has reported net profits of AED2.8bn ($762m) for 2016, compared with $707m in 2015.

In a statement published on the Abu Dhabi Securities Exchange (ADX), the company also said that it would propose an 11 fils per share dividend for 2016, compared with 10 fils in the previous year.

The company also said that it expects sales of AED3bn in 2017, down from AED3.5bn in 2016.

In August last year, Aldar refinanced AED1.8bn of bank loans that were due to mature in 2018. Three local and international banks agreed interest-only loans with five, seven and 10-year tenors.

Aldar’s debt maturity profile now averages four years.

The rating of this loan was recently upgraded to stable from Baa3 to Baa2 by US firm Moody’s, which said “our decision to upgrade Aldar’s ratings reflects its deleveraged balance sheet, improved earnings quality and our view that it will be able to withstand ongoing weakness in the Abu Dhabi real estate market.”

Despite the upgraded rating, Moody’s projects that the Abu Dhabi real estate market could face further declines in 2017 “as a result of reduced government spending and rightsizing in the corporate sector.”