ABU DHABI // Aldar Properties saw its profits fall by 78.2 per cent in the second quarter compared to the same period last year, down to Dh253.8 million (US$69.1m), as the company weathered a protracted slowdown in the market. Most of the profit for the quarter was from previous sales that are being recognised now that homes are being delivered. The largest developer in Abu Dhabi had no sales of land or units in the quarter and a Dh22m operating loss, said Shafqat Malik, the chief financial officer.
"The short term is very challenging," Mr Malik said. "That is why we are making sure we are managing our resources and the execution of the projects over the next three to six months. In the medium to long term, we are very positive about the fundamentals of Abu Dhabi." Mr Malik said the company's liquidity position was strong, especially after raising Dh4.59bn with a corporate bond. The company now has Dh13.9bn in cash and bank balances.
He also said that despite the slow market, Aldar had sold units worth about Dh200m in the first six months of the year and would be recognising the revenue in future quarters as it delivered the units. Buyers of Aldar's properties were having some difficulty in paying their instalments on time, Mr Malik said. Between 10 and 15 per cent of the money owed to the company was overdue. Ahmed Ali al Sayegh, the chairman of Aldar, said the financial results of the quarter showed "the resilience and underlying financial strength of the Aldar business model".
Over the next six months, the company is scheduled to pass several milestones, including the delivery of the Yas Island facilities and hotels in time for the inaugural Abu Dhabi Formula One Grand Prix. One big issue that could affect property developers is the valuation of their land bank, which amounts to millions of square metres for developers like Aldar. Analysts say that companies may have to take impairments on these assets because prices have dropped precipitously.
In a statement yesterday, Aldar said its net asset value had increased by 5.1 per cent to Dh16.85bn in the first half of the year, compared to the same period last year. Revenue for the first half of the year for the company was Dh1.1bn, with profit of Dh1.14bn. The value of developments under Aldar's shares shed Dh0.09 in trading yesterday, closing 2.2 per cent down at Dh4. @Email:bhope@thenational.ae
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Company%20Profile
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
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The%20Specs
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The%20specs%3A%20Taycan%20Turbo%20GT
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MEDIEVIL%20(1998)
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Company%20profile
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Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Confirmed%20bouts%20(more%20to%20be%20added)
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MADAME%20WEB
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund