Aldar Reports Strong Full Year Results For 2012

Aldar Properties PJSC ("the Company"), Abu Dhabi’s leading property development investment and management company, today announced its financial results for the year ended 31 December 2012 reporting a net profit for the year of AED 1,340.7 million, an increase of 109% on net profit of AED 642.5 million for same period last year.

This has led to earnings per share of AED 0.30 compared to earnings per share of AED 0.15 for the previous year increasing net asset value to AED 1.82 per share from AED 1.58 per share in 2011 on a fully diluted basis.

A strong final quarter drove revenue for the year to AED 11,403.9 million compared to AED 6,742.6 million in 2011. The increase was driven by the continued success of our ongoing programme of unit and land plot deliveries to our customers including the Government of Abu Dhabi.

For the year, the Company recognised significant revenues from its development business of AED 9,965.9 million (2011: AED 5,435.2 million) from the sale of units, land plots and project management fees. Recurring revenues increased by 10% to AED 1,438.0 million (2011: AED 1,307.4 million). Rental income from investment properties, which include Aldar’s office, residential and retail portfolio, increased to AED 634.2 million (2011: AED 541.0 million) and operational businesses such as operative villages, schools and hotels generated AED 803.8 million (2011: AED 766.4 million).

Aldar ended the year with AED 2,259.8 million in cash and bank balances (2011: AED 4,157.7 million) and a 23% reduction in total borrowing to AED 14,014.3 million compared to AED 18,295.5 million mainly because of repayment of loans. During 2012, the Group successfully signed a new AED 4.0 billion revolving credit facility, of which AED 800 million was drawn at period end. This facility will enable the Company to optimally manage its working capital and liquidity requirements over the next two years.

Profits for the year contributed to an increase in net assets of 15.3% to AED 8,179.5 million compared to AED 7,093.6 million at 31 December 2011.

In light of these results, the Board of Directors has recommended a cash dividend of 6 fils per share for shareholder approval at the AGM.

Commenting on the results for the year, Ali Eid AlMheiri, Chairman of Aldar Properties, said: "2012 has been a truly exceptional year for Aldar. We successfully moved forward in our asset delivery programme, generating significant revenues and profits for our shareholders - reinforcing our position as Abu Dhabi’s premier developer. From a position of strength, we look now to a future of activity and opportunity. Our shareholders will benefit from both the continued efforts of our employees to realise value from our sizeable asset base and from our proposed merger with Sorouh that will create a significantly stronger platform from which to drive sustainable growth."

Emirate:  Abu Dhabi

Date: Feb 4, 2013

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