ALDAR Properties announces 2006 half year results

The results show that net profit increased by 57 per cent to AED 526.7 million against AED 335 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 478.5 million an increase of AED 357.4 million since 30 June 2005.

ALDAR Chairman Ahmed Ali Al Sayegh commented, "On behalf of the board I am proud to announce the strong financial results ALDAR has achieved in the first half of 2006. The key driver for the increase in net profit is the increasing value of our investment properties as projects get underway."

"In addition I believe that the expertise of our staff and strengthening of the senior management team, by bringing in highly experienced and skilled executives, will enable us to grow as a company and bring to fruition our plans for development in Abu Dhabi."

The total net assets for ALDAR reached AED 2.6 billion, an increase of 21 per cent from the 31 December 2005 level of AED 2.1 billion.

Ronald Barrott, Chief Operating Officer at ALDAR stated, "These result are in line with our expectations and are a significant indication of ALDAR's continued growth in the region as the premier real estate development and investment company."

"We currently have over 30 million square metres in land valuing over AED 39 billion for our major projects. We will continue to create and enhance shareholder value, through investing in properly planned, quality, strategic developments," Barrott concluded.