Aldar profit almost doubles as revenue drops

07 November 2013

Abu Dhabi real estate company says third quarter profit has risen 98 per cent

Aldar Properties, which this year completed the takeover of Sorouh Real Estate, has reported a 98 per cent increase in profit in the third quarter of 2013.

Profit hit AED407.5m ($111m) in the third quarter, up from AED205.7m in the same quarter of 2012. Revenues declined to AED1.17bn from AED1.6bn a year earlier.

Profit rose on higher rental income from investment properties and the sale of land.

Aldar also said it had completed two bank financings totaling AED4bn at an average margin of 1.3 per cent above the base rate with an average maturity of three and half years. The company said this was part of its planned “debt reduction and refinancing programme”.

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