Yas Mall boosts revenues for Abu Dhabi’s Aldar in fourth quarter

The Abu Dhabi developer opened the 235,000 square metre Yas Mall in November. Christopher Pike / The National

Full-year profits at Abu Dhabi’s largest listed property developer, Aldar Properties, fell slightly last year even as the company handed over more than 7,000 new homes, launched new projects and opened Yas Mall.

Aldar reported today that profits for 2014 attributable to owners of the company slipped by 0.4 per cent to Dh2.23 billion from Dh2.24bn in 2013. Aldar put the dip down to the recognition of high margin land plot sales in 2013 compared to 2014. The sales relate to the transfer of assets to the Abu Dhabi government.

Revenues for the year increased 21 per cent to Dh6.55bn in 2014 from Dh5.38bn the previous year.

For the final quarter of the year, Aldar reported that it had made a net profit of Dh718 million, up from Dh406m the same period the previous year.

Recurring revenues in the three-month period increased 19 per cent to Dh701m from Dh591m a year earlier after it opened the 235,000 square metre Yas Mall in November.

Revenues in the quarter also increased on the back of the handover of units at Gate Towers on Reem Island.

“2014 has been an exceptional year for Aldar. We have executed successfully against a clear strategy and delivered on our promises of strengthening our balance sheet, monetising our land bank and growing our recurring revenues, thereby improving the quality of our earnings,” said Mohammed Al Mubarak, the Aldar chief executive.

“We have a development plan with the potential to launch 7,300 units across our existing destinations over the next four to five years.”

Aldar announced a dividend of 9 fils per share – up 29 per cent on the previous year.

Follow The National's Business section on Twitter