|02-12-2015, 03:03 PM||#1|
UAE’s AlDar quarterly profit rises 60%
United Arab Emirates’ (UAE) AlDar Properties reported a 61% rise in the fourth quarter of 2014 net profit on Thursday, recording 696.3 million AED ($118.36 million) and beating expectations of 432 million AED ($117.61 million).
The company’s shares reacted positively with these results and trading in Abu Dhabi Securities Market edged higher by 0.78%.
The quarterly profit was supported by the company’s debt restructuring during 2014, where its total debt fell by 33% to 9 million AED ($2.45 billion) giving the company an opportunity to develop its production, which increased the revenue by 16%.
On an annual level, AlDar made 2.24 billion AED of profit during 2014. After the strong growth in the profits, the company’s Board of directors recommended a cash dividend of 0.09 AED per share for last year.
Debt restructuring brought AlDar Properties (one of the most important real estate companies in Dubai) back on track to achieve profitability, and profits are expected to continue with the growth of UAE real estate market in light of the economic recovery of the country.
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