ALDAR 2009Q2 profits

[sharewadi]

Aldar Properties (ALDAR) announced 2009 Q2 and H1 profits. See next post for press release. Will add summary of ratios etc here later if wanted.
_________________
UAE IPO list | posting guidelines

[sharewadi]

Aldar is "resilient" and second quarter results are "encouraging", but not resilient or encouraging enough to actually tell us what the bottom line, i.e. Net Profit, is for the quarter. Presumably it has either fallen substantially from 2008 Q2, or they had a loss for the quarter.

It looks like despite asset values plummeting in the UAE and around the world, Aldar has bucked the trend and increased asset values. They don't say how though.

The Aldar press release says they have almost AED 14 billion in cash. However, presumably, AED 4.5 billion of it is the new debt that was issued (corporate bonds). As a semi-government entity, or PJSC with government support or however is appropriate to describe Aldar, you wouldn't expect that they would be hung out to dry if their debt levels got the better of them.

Press Release 28 July 2009:

Resilient Aldar delivers encouraging results Financial Highlights - Gross revenue reached AED 1,100.1 million - Net profit for the half year amounted to AED 1,142.5 million - Developments under construction increased by 44.8% to AED 33,219.7 million - Net assets value increased by 5.1% or AED 812.7 million to AED 16,845.2 million - Earnings per share for first half were AED 0.44 per share - AED 4,590.0 million ($1,250.0 million) corporate bonds were successfully issued Key Operational Highlights - Phase 1 of Yas Island development including Yas Marina Circuit and seven hotels on track for 2009 Formula 1™ Etihad Airways Abu Dhabi Grand Prix in November - Leasing of HQ, the world’s first disc-shaped office building commenced. - 381 villas in Al Raha Gardens were delivered. - Four buildings in the Abraj Towers project were handed over Abu Dhabi, 28 July 2009 - Aldar Properties PJSC (ALDAR), Abu Dhabi's leading property development investment and management company, today announced its financial results for the first half of 2009, reporting AED 1,142.5 million as net profits. Net assets value grew by 5% to AED 16,845.2 million during the past six months whereas gross revenue for the period was AED 1,100.1 million. Developments under construction increased by 44.8% to AED 33,219.7 million as the company focused on the delivery of its significant development programme. During the first half of the year no land sales have been achieved. Aldar is in negotiations relating to the sale of land plots but the challenging market conditions have extended the negotiation period. However, Aldar maintains its long term view regarding the Abu Dhabi real estate sector, which is clearly demonstrated by not rushing to complete any sale that undervalues its assets. The resilience of Aldar and the reputation of Abu Dhabi in the eyes of local and international investors was amply demonstrated by the successful completion of corporate bond fundraising, securing AED4,590.0 million ($1,250 million). Aldar's financial strength is further demonstrated by its ability to maintain significant cash balances of AED 13,901.6 million in cash and bank balances. There have been a number of operational highlights during the period. HQ, the first disc shaped office building in the world, has now been offered for lease. The Yas Hotel, the first hotel to be operated by Aldar Hotels and Hospitality LLC and one of seven hotels opening on Yas Island for the 2009 Formula 1™ Etihad Airways Abu Dhabi Grand Prix in November was also launched. Four buildings in the Abraj Towers project were handed over to the tenant during the period and 381 villas in Al Raha Gardens project were completed and handed over. Ahmed Ali Al Sayegh, chairman of the board of directors of Aldar, said, "These figures present a financial picture showcasing the resilience and underlying financial strength of the Aldar business model. All shareholders and stakeholders can have confidence in the progress that has been made and the successful bond issue during the period is testament to the ongoing support for our vision. I would particularly like to applaud the huge effort that has gone into the first half of the year. It will be rewarded in the second half when a number of major milestones will be reached. This will include the completion of the Yas Marina Circuit for the first Formula 1 Etihad Abu Dhabi.”

_________________
UAE IPO list | posting guidelines

[OnlineTrader]

There is an interesting vedeo published by Bloomberg.
Watch it, I tryied to copy the link, but it didn't work.
So check Bloomberg.com