Abu Dhabi’s biggest indexed developer Aldar Properties has published Dh1.76 billion in income for the first quarter of 2020.
The profits dropped 39 percent to Dh302 million during the period due to higher provisions, impairments and write-downs and loss on revaluation of investment properties, company’s statement to the Abu Dhabi Securities Market said.
Talal Al Dhiyebi CEO – Aldar
“The company’s strength lies in a well-balanced, diversified business model and a robust balance sheet. We benefit from the financial firepower to weather the current global crisis and to take advantage of attractive opportunities to expand our investment portfolio. Aldar continues to prudently manage its business to mitigate the impact of the global crisis and enhance long-term value for our stakeholders.”
Provisions, impairments and write-downs more than doubled to Dh33.2 million and loss on revaluation of investment properties rose to Dh135 million in the first quarter from Dh40m during the same period last year.
Proceeds from Aldar’s development management business rose 13 percent year-on-year to Dh808 million mostly driven by development on recently awarded government projects valued at Dh5 billion, including the new twofour54 campus on Yas Island.
Earlier this month Aldar extended its support to property, education and retail customers to Dh190 million to support the government’s efforts to soften the shock of the coronavirus pandemic on the emirate’s economy.
The developer also set apart Dh4 billion to ensure that its contractors, suppliers and consultants are paid on time.
The company, worked up with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and First Abu Dhabi Bank to offer finance at a fixed rate of 1.99 percent for three or five years with no application or valuation fees.
