UAE developer Aldar back in the black
UAE’s Aldar Properties, Abu Dhabi’s biggest real-estate developer, has recorded a net profit of AED127m ($34.7m) for the second quarter of this year, up from a net loss of AED475m in the second quarter of 2010.
The positive result comes after the sale of the Ferrari Theme Park in Abu Dhabi and higher revenue from the company’s rental properties and hotels, rising 88 per cent year-on-year.
After-tax gains for the first six months of the year reached AED316m, up from a loss of AED475m in the same period in 2010.
Revenue came in at AED1.56bn for the first six months, up from last year’s AED427m.
According to analysts, however, high finance costs continue to eat into Aldar’s bottom line and high leverage, capital expenditure and refinancing needs will put pressure on the company’s balance sheet.
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.