{"id":4816,"date":"2016-02-15T15:32:00","date_gmt":"2016-02-15T08:32:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/fourth-quarter-profit-at-abu-dhabis-aldar-gets-boost-from-property-portfolio\/"},"modified":"2016-02-15T21:52:35","modified_gmt":"2016-02-15T14:52:35","slug":"fourth-quarter-profit-at-abu-dhabis-aldar-gets-boost-from-property-portfolio","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fourth-quarter-profit-at-abu-dhabis-aldar-gets-boost-from-property-portfolio\/","title":{"rendered":"Fourth-quarter profit at Abu Dhabi's Aldar gets boost from property portfolio"},"content":{"rendered":"


\n
\nLucy BarnardA jump in the value of Aldar’s investment properties boosted its fourth-quarter results on Monday, as the company continues to position itself as Abu Dhabi’s biggest landlord. Profit at Aldar Properties rose 5.6 per cent in 2015 compared with a year earlier, the company stated on Monday.Aldar reported that profit at\u00adtri\u00adbutable to its shareholders increased to Dh735 million from Dh696m during the same period a year earlier, helped by a valuation gain of Dh568m on its vast rental portfolio, but also hampered by writedowns of Dh257m on some of its land and property costs.
\nRevenues for the three months to the end of December last year stood at Dh1.13 billion, down 8.8 per cent from Dh1.27bn during the same period a year ago as the company turned to its large rental portfolio, which includes Abu Dhabi’s largest shopping centre, Yas Mall, for income rather than riskier housing de\u00advel\u00adopments.Gross profit from these recurring revenue assets, which also include 4,800 rented apartments, hotels, schools and offices increased by 35 per cent to Dh447m.
\nIn a filing to the Abu Dhabi bourse on Monday, Aldar said that net profit for the year rose 13.4 per cent to Dh2.53bn.”Aldar’s fourth quarter bottom line beat our estimate, however, with earnings lifted by a non-cash gain,” said Harshjit Oza, an investment analyst at Naeem Brokerage in Cairo. “The balance sheet is firm with Aldar holding Dh313m net cash.”Revenue for the year, on the other hand, was down by a third, tumbling to Dh4.5bn from Dh6.5bn a year earlier. Aldar said that the fall was a direct result of the change in the type of revenues it was receiving, with a far greater proportion coming from property handovers in 2014 and more income coming from leases in 2015.
\n“Our focus on stabilising recurring revenue assets has significantly improved the quality of our earnings and provided clarity on long term cash flow,” said the Aldar chief executive Mohamed Al Mubarak. “Our business remains underpinned by a healthy balance sheet, stable operating environment and strong fundamentals.”Aldar, which is 29.7 per cent owned by Abu Dhabi government fund Mubadala, also announced a new dividend policy further linking shareholder remuneration with its leasing portfolio. Aldar’s board recommended a cash dividend to shareholders of 10 fils per share, up from 9 fils in 2014. The company said that from this year onwards it would recommend dividends of between 65 and 80 per cent of the cash it makes from its investment portfolio.
\nAnalysts said that, despite a slowdown in the Abu Dhabi property market, as the capital’s only large quoted developer and major landlord, Aldar was in a good position to ride out any market softening.”At first glance the results look very healthy, but when you start to strip away the various valuation gains and provisions the bottom-line numbers are not great,” said Sanyalak Manibhandu, head of research at NBAD Securities. “However, we don’t think this is a long-term problem for Aldar and it is mostly the result of moving to a model of a company which is more reliant on recurring revenue streams than property development.”
\nAldar would raise capital expenditure to about Dh2.5bn this year from about Dh1.1bn in 2015, said its chief financial officer Greg Fewer, as the company spends on six projects launched since 2014.Most of these projects had strong order books, including its affordable housing scheme on Reem Island, which was 90 per cent sold, said chief development officer Talal Al Dhiyebi.”We’re watching how much we’re releasing into the market,” Mr Al Dhiyebi said on a conference call. “In the last two to three months, we’ve seen a slight slowdown on demand, but we are selling at a smaller rate.”
\nAldar’s shares closed at Dh2.36 on Monday, a touch lower.lbarnard@thenational.ae* with ReutersFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Fourth-quarter profit at Abu Dhabi’s Aldar gets boost from property portfolio<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lucy BarnardA jump in the value of Aldar’s investment properties boosted its fourth-quarter results...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-4816","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1fG","jetpack-related-posts":[{"id":33577,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/higher-occupancy-rates-boost-net-profit-for-aldar-properties\/","url_meta":{"origin":4816,"position":0},"title":"Higher occupancy rates boost net profit for Aldar Properties","date":"November 8, 2016","format":false,"excerpt":"\r Aldar Properties, Abu Dhabi's biggest publicly traded real estate company, said its net profit in the third quarter increased by about 16 per cent amid high occupancy rates at Yas Mall and across its office and residential properties. The company also said that it sold Dh1 billion of property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4783,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-aldar-properties-q4-profit-rises-9-1-per-cent\/","url_meta":{"origin":4816,"position":1},"title":"Abu Dhabi's Aldar Properties Q4 profit rises 9.1 per cent","date":"February 15, 2016","format":false,"excerpt":"\r \r Abu Dhabi's Aldar Properties reported on Monday a 9.1 per cent rise in fourth-quarter net attributable profit, according to Reuters calculations.The builder of Abu Dhabi's Formula One circuit made a profit attributable to equity holders of Dh760 million in the three months to December 31, Reuters calculated based\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33462,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-properties-third-quarter-net-profit-up-16-per-cent\/","url_meta":{"origin":4816,"position":2},"title":"Aldar Properties third-quarter net profit up 16 per cent","date":"November 8, 2016","format":false,"excerpt":"\r Aldar Properties, Abu Dhabi's biggest publicly traded real estate company, said its net profit in the third quarter increased 16 per cent amid high occupancy at rates at Yas Mall and across its office and residential properties. The company also said that it sold Dh1 billion of property off\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12498,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-aldar-properties-q1-net-profit-gains-14-1-per-cent\/","url_meta":{"origin":4816,"position":3},"title":"Abu Dhabi's Aldar Properties Q1 net profit gains 14.1 per cent","date":"May 10, 2016","format":false,"excerpt":"\r Abu Dhabi's Aldar Properties reported a 14.1 per cent rise in first-quarter net profit on Tuesday, maintaining its run of improving earnings.The state-linked builder of Abu Dhabi's Formula One circuit, which reported higher profits in nine of the preceding 10 quarters, made a profit attributable to equity holders of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21650,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-properties-q2-net-profit-up-9-7-despite-property-slowdown-in-abu-dhabi\/","url_meta":{"origin":4816,"position":4},"title":"Aldar Properties Q2 net profit up 9.7% despite property slowdown in Abu Dhabi","date":"August 2, 2016","format":false,"excerpt":"\r Second quarter profits at Aldar Properties rose by nearly a tenth despite a slowdown in the city's property market.Abu Dhabi's largest listed house builder said profits for the three months to the end of June rose 9.7 per cent compared with the same period a year ago to Dh657.3\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44137,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-to-focus-on-mid-market-this-year\/","url_meta":{"origin":4816,"position":5},"title":"Aldar to focus on mid-market this year","date":"February 14, 2017","format":false,"excerpt":"\r Aldar Properties said on Tuesday that it expects earnings from property sales to fall this year as the company focuses on building mid-market homes.Abu Dhabi's largest listed developer forecasts about Dh3 billion worth of sales in 2017, down from Dh3.5bn in 2016.Aldar said that it continued to expect to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4816"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=4816"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4816\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}