ALDAR 2009Q3 profit AED430m -43%

[sharewadi]

Aldar announced 2009 Q3 results this afternoon in a press release (next post).

Net Profit for 2009 M9 was AED 1.57 billion. Since Aldar 2009 H1 profit was AED 1.142 billion, that implies 2009 Q3 Net Profit of about AED 430 million, which is down about 43% from Aldar 2008 Q3 profit of AED 1.24 billion.
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[sharewadi]

Press release from Aldar (email ~1700). Financial statements not supplied.

Press Release 27 October 2009:

Aldar declares stable nine months 2009 results Financial highlights Gross revenue of AED 1,740.5 million in the first nine months Net profit for the period of AED 1,569.8 million Developments under construction increased significantly to AED 36,266.8 million Net asset value is up by 7.4 per cent to AED 17,223.1 million Earnings per share amounted to AED 0.61 Operational highlights Yas Marina Circuit successfully completed and officially handed over on 17 September 2009 to venue operator Abu Dhabi Motorsport Management The Yas Hotel along with six other hotels on Yas Island opened to guests Yas Marina now operational and taking long term bookings and will host an array of yachts during the 2009 Formula 1™ Etihad Airways Abu Dhabi Grand Prix this week 514 villas at Al Raha Gardens completed and handed over The last building in Abraj Tower was delivered during the third quarter Abu Dhabi – Aldar Properties PJSC (ALDAR), Abu Dhabi’s leading property development, investment and management company today announced financial results for the first nine months of 2009. Despite still challenging economic conditions, Aldar reported net profit of AED 1,569.8 million with gross revenues of AED 1,740.5 million during the period. Developments under construction increased significantly by 58.1 per cent compared to end 2008 to AED 36,266.8 million, representing a net asset value per share of AED 6.68 versus AED 6.22 as at 31st December 2008. Total net asset value stood at AED 17,223.1 million, up 7.4 per cent in the first nine months of the year. Financing has increased over the period in line with the funding requirements and in the last quarter Aldar successfully secured a further AED 2,600 million . Under the current market conditions Aldar’s success in raising adequate financing for its projects clearly illustrates investors’ ongoing confidence in the company and its long term business model.. At the end of the period Aldar held AED 11,036.7 million in cash and bank balances. During the third quarter Aldar successfully completed and handed over the Yas Marina Circuit which will this week host the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix, as well as the seven new hotels, including the spectacular Yas Hotel, which will be the first hotel directly managed by Aldar’s Hotels & Hospitality division. The period also saw completion of the 22 km main section of the Sheikh Khalifa bin Zayed Highway and extensive infrastructure to service current and future development at Yas Island. Ferrari World Abu Dhabi, the world’s largest indoor theme park is progressing well and a topping out ceremony will be held shortly. This, the first ever Ferrari theme park is scheduled to welcome its first visitors in the second half of 2010. The Yas Marina has started welcoming its first vessels and has seen significant interest in long-term berth bookings. This coming weekend scores of spectators will watch the inaugural race on board a yacht in the marina. Work on the Yas Links Golf Course, the first links golf course in the region, is also nearing completion. At Al Raha Beach, the first phase of development is progressing rapidly and the Al Bandar district is scheduled for handover early in the second quarter 2010 with Al Zeina and Al Muneera following from the end of the year. The Souk at Central Market, phase 1 of Aldar’s mixed-use development in the heart of downtown Abu Dhabi, will be ready for outfit at the end of 2009, restoring a much loved landmark to residents and visitors alike. Ahmed Al Sayegh, Chairman of Aldar Properties, commented: “I am pleased that in spite of the recent very challenging world economic conditions Aldar has continued to deliver positive results throughout the year and is seeing its assets grow in value. We have achieved some major milestones in the first nine months of this year, in particular the very successful completion of the first phase of Yas Island, which includes the Yas Marina Circuit, hotels and all related facilities for the inaugural Formula 1™ Etihad Airways Abu Dhabi Grand Prix that will welcome local and international visitors later this week,. Aldar continues to focus on the delivery of key projects, whilst pursuing a well planned business strategy in conjunction with a measured approach to development which we believe will deliver ongoing value creation for shareholders and all other stakeholders.”

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