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• Gross revenue for the quarter reached Dhs2,230.7m (March 2007: Dhs7.8m) and a further sales of Dhs1,706.4m were achieved.
• Profit for the quarter stands at Dhs1,366.5m (March 2007: Dhs450.7m)
• Earnings per share Dhs0.59 per share (March 2007: 0.26 per share)
• Developments under construction is confirmed at Dhs10,503.3m (December 2007: Dhs8,332.0m)
• Net asset value moved by 21% to Dhs9,323.5m (December 2007: Dhs7,689.4m)
During Q1 2008 Aldar made several important announcements.
The Q1 financial results come a week after Moody's Investors Service assigned long term local and foreign currency issuer ratings of A3 to Aldar. Moody's, a leading provider of independent credit ratings, research and financial information to the capital markets, has described the outlook for Aldar as stable.
"Aldar's ratings are supported by its leading market position within the Emirate of Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy. Ratings also benefit from the company's intention to build a significant rental property portfolio, which will ultimately support a stable and predictable income stream over the medium to long term," it said.
In January the company was awarded with ISO 9001:2000 Certification. Issued by Vinçotte International Middle East LLC, a leading international certification body, ALDAR had proved its commitment to quality improvement and maintenance by meeting the international specifications in its industry.
The company held its Annual General Meeting in Emirates Palace during the quarter where a dividend 10 fils per share was agreed to be paid to shareholders.
Commenting on the results, Ronald Barrott, Chief Executive of Aldar said:
"We have delivered strong results in the first quarter of 2008 and continue to perform in line with our expectations. These results are a reflection of our focused and structured approach to business. Our mission is to deliver sustained and long term shareholder value by proactively managing our development projects."
Aldar Properties has announced developments worth more than $65bn since its launch in 2005 including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park. Aldar has the largest land bank in Abu Dhabi comprising over 34 million square meters, 100% earmarked for specific developments valued at Dhs44.2bn ($12bn) as at 31 December 2007. The company is one of the largest UAE-listed property developers by market value and was the first Middle Eastern company to list a sukuk on the London Stock Exchange.
Posted by Anne-Birte Stensgaard, Senior News Editor
