ALDAR Properties, The Leading Integrated Property Development Company Today Announced The Company’s Financial And Operational Highlights For The Second Quarter Of 2008
ALDAR Properties, the leading integrated property development company today announced the company’s financial and operational highlights for the second quarter of 2008.
Financial Highlights: to June 30, 2008
Gross revenue for the quarter reached AED 3,812.5 million
Profit for the quarter stands at AED 2,602.7 million
Earnings per share AED 1.09 per share
Developments under construction is confirmed at AED 14,452.3 million
Net asset value moved by 99% to AED 15,266.6 million
Commenting on the results, Ronald Stephen Barrott, Chief Executive of ALDAR said: “Results for the first half of the year were in line with our expectations and again our financial performance was reinforced by sales activity during the period. These results are a reflection of our focused and structured approach to the business. Our mission is to deliver sustained and long term shareholder value by proactively managing our development projects."
During Q2 2008 ALDAR made several important announcements.
Motor World, a haven for motoring enthusiasts, was unveiled at the beginning of the quarter. Set to cover a 3.5 million square meter site close to Abu Dhabi airport, its key landmark will be the Motor World ’car city’ which will house a state-of-the-art pavilion hosting a flexible programme of events and exhibitions throughout the year, in addition to car showrooms, motor accessories outlets, maintenance facilities, and a central car auctioning venue. The development will also comprise of a three star hotel, office spaces, a residential zone, a retail podium, as well as a wide range of restaurants. Motor World will also provide entertainment for families with a cinema and landscaped open spaces along with water features, giving the development a community-oriented appeal.
In April the company announced a AED 2.203 billion (US$ 600 million) Ijara facility had been put in place. The transaction was approved by the Shariah Supervisory Boards of the lead arrangers, making it fully compliant with the principles of Islamic finance. The facility has a four year tenor and will be used for general corporate purposes in support of ALDAR’s business plan and growth model.
In June, ALDAR announced that it had issued its benchmark AED 3.75 billion 5-year Sukuk Al-Ijara.. The Issue received an overwhelming response within the GCC and internationally, in current tough market conditions.
Toward the end of the quarter, ALDAR launched a new retail destination in Al Ruwais, west of the city of Abu Dhabi. The shopping centre will cover a gross built area of over 40,000 square metres and with 99 retail outlets will offer an array of fashion and accessories in addition to household items with the development of the largest supermarket centre for Al Ruwais. Food and beverage outlets, a children entertainment centre, and a Warner Bros. cinema complex will add to the industrial city’s leisure offering. With Al Ruwais just few minutes off the international highway linking the UAE with Saudi Arabia and Qatar, the Centre will be a convenient stop for travellers.
ALDAR is one of the largest UAE-listed property development companies by market value, which stood at AED 32.3 billion (US$ 8.7 billion) as of July 24, 2008. It has been given a high rating of A3 by Moody’s and a solid A- by S&P.
ALDAR has been a constant receiver of recognition for its financial excellence. Back in February this year, it won awards for its shariah compliant financing, scooping ‘Best Mudarabah Deal’ and ‘Best Real Estate Deal’ from Islamic Finance News (IFN) as well as ‘Sukuk Issue of the Year’ from EuroWeek magazine. In May, ALDAR was conferred with the “Best Islamic Financing Award” at Cityscape Abu Dhabi. In June, ALDAR won international recognition for the design of two of its major projects. ALDAR headquarter building on Al Raha Beach development was proclaimed the “Best Futuristic Design” by The Building Exchange (BEX) Conference held in Valencia, Spain. On the other hand, ALDAR’s leisure destination, Yas Island, clinched the “Best Island Development” title at the Arabian Property ME Awards 2008, held in Dubai.
Prior to today’s announcement, ALDAR had already secured funding in excess of AED 34 billion (US$9.2 billion) to undertake the development projects through convertible and non-convertible bonds (sukuks) and bank borrowings.
ALDAR Properties has announced developments worth more than US$72 billion 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 AED 44.2 billion (US$12 billion) as at 31 December 2007.
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