Abu Dhabi’s Aldar ‘monitoring property supply’
Developer watching how many units it releases after ‘slowdown’ in market
Aldar Properties is monitoring its supply of units to the market after witnessing a ‘slowdown’ in demand over the past few months, according to a Reuters report.
The Abu Dhabi developer said it was assessing the number of properties it puts up for sale in a conference call to announce its 2015 financials, the news agency reported.
“We’re watching how much we’re releasing into the market,” Aldar Chief Development Officer Talal al-Dhiyebi is reported as saying.
“In the last two to three months, we’ve seen a slight slowdown on demand but we are selling at a smaller rate.”
Aldar on Monday reported a 2015 net profit of AED 2.6 billion ($707.9 million), a 13% increase on last year, according to a filing to the Abu Dhabi Securities Exchange.
Net profit for the fourth quarter rose 4% to AED 750 million, from AED 718 million in Q4 2014, Aldar said. The company proposed a 10 fils per share dividend for 2015, up from 9 fils per share in 2014.
“2015 was another successful year for Aldar with development sales of AED 3 billion and gross profit from recurring revenue up by 49%. Our focus on stabilising recurring revenue assets has significantly improved the quality of our earnings and provided clarity on long-term cash flow,” said Mohamed Al Mubarak, CEO of Aldar Properties.
