ALDAR Properties announces healthy third quarter 2006 results

The results show that net profit increased by 153 per cent to AED 816.9 million against AED 322.9 million in the same period last year.

Additionally, the investment properties under development continued to grow in line with the company's business development plan and were valued at AED 726.1 million an increase of AED 505.3 million (228 per cent) since 30 September 2005.

ALDAR Chairman Ahmed Ali Al Sayegh commented:

"ALDAR continues to focus on key strategic large scale developments with particular emphasis on infrastructure, town planning and environmental protection in the emirate of Abu Dhabi. ALDAR will carry on exploring opportunities for expansion and growth which will enhance shareholder value."

"In particular, we are launching two significant projects before the end of the year, one of which is the redevelopment of the strategically located Central Market," he added.

The total net assets for ALDAR reached AED 2.873 billion, an increase of 34 per cent from the 31 December 2005 level of AED 2.141 billion.

Ronald Barrott, Chief Executive Officer at ALDAR stated: "As our projects get under way, were are seeing an increase in our net profit which derives from rental income, interest on cash deposits and increased value of our investment properties."

"Rental income earned from our investment property portfolio for the third quarter of 2006 was AED 6.5 million against AED 4.8 million in September 2005 representing a 35 per cent increase. This income is expected to grow as assets develop and our portfolio grows in size."

"ALDAR currently has over 30 million square metres of land valuing over AED 40 billion for our major projects. We will continue to create and enhance shareholder value, through investing in properly planned, quality, strategic developments," Barrott concluded.

ALDAR currently have over 200 employees which includes 52 UAE Nationals. "Our employees are our greatest strength and we will continue to invest in their training and development. They are the greatest asset contributing to the continued success of ALDAR," stated Ahmed Ali Al Sayegh.