Aldar Properties PJSC Announces Unaudited Consolidated Earnings Results for the Second Quarter and First Half Ended June 30, 2018
August 06, 2018 at 10:05 pm EDT
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Aldar Properties PJSC announced unaudited consolidated earnings results for the second quarter and first half ended June 30, 2018. For the quarter, gross profit was up 20% to AED 649 million compared to AED 542 million a year ago. Revenue was up 12% to AED 1.5 billion compared to AED 1.4 billion a year ago, supported by recent asset acquisition. Net profit was AED 445 million. Profit attributable to owners of the company was AED 446,534,000 against AED 620,185,000 a year ago. Basic and diluted earnings per share attributable to owners of the company were AED 0.057 against AED 0.079 a year ago.
For the first half, gross profit was up 5% to AED 1.4 billion compared to AED 1.3 billion a year ago. Revenue was up 2% to AED 3.0 billion compared to AED 2.9 billion a year ago, driven by revenue recognition on developments under construction and recent asset acquisition. Net profit was AED 1.1 billion. Profit attributable to owners of the company was AED 1,116,001,000 against AED 1,256,271,000 a year ago. Basic and diluted earnings per share attributable to owners of the company were AED 0.412 against AED 0.16 a year ago. Net cash used in operating activities was AED 1,570,133,000 against net cash from operating activities of AED 409,971,000 a year ago. Payments for purchase of property, plant and equipment was AED 37,802,000 against AED 32,469,000 a year ago. Payments for purchase of intangible were AED 2,363,000 against AED 789,000 a year ago.
Aldar Properties PJSC is a United Arab Emirates-based real estate development and investment company that undertakes and operates a portfolio of real estate projects in the United Arab Emirates. The Company is engaged, along with its subsidiaries, in the development, sale, investment, construction, management and associated services for real estate. In addition, the Company is also engaged in the development, management and operation of hotels, schools, marinas, golf courses and theme parks. The Companyâs subsidiaries include Al Raha Gardens Property LLC, Al Jimi Mall LLC, Addar Real Estate Services LLC, Al Raha Infrastructure Company LLC and Aldar Academies LLC, among others. During the fiscal year ended on December 31, 2012, the Company acquired additional 50% share in Nareel Island Development Company LLC (Nareel). On June 27, 2013, effective at the close of trading, the Company merged with Sorouh Real Estate Co PJSC.