Aldar Properties distributes $310mn in cash dividends for FY2020
Developer reports strong financial and operating performance in 2020
Aldar Properties, the Abu Dhabi-based real estate developer, is set to distribute cash dividends worth $310 million to its shareholders for the fiscal year 2020.
In its filing to the Abu Dhabi Exchange, Aldar said that is equivalent to 14.5 percent of the company’s capital or 14.5 fils per share for the financial year ended on December 31, 2020. The announcement was made at the ordinary general meeting (OGM) of Aldar Properties, where the shareholders have set the last entitlement date at March 31, 2021, and the ex-dividend date at April 1, 2021.
The developer has also reported a strong financial and operating performance in 2020, driven by record annual development revenue and increased income from management of government infrastructure contracts despite the Covid crisis.
Revenue grew 17 percent to $2.28 billion, driven by record development business performance, while its gross profit jumped 8 percent to $811.3 million. However, Aldar’s net profits for 2020 fell from $540.1 million in 2019 to $526 million.
During the meeting, the shaeholders also endorsed the appointment of Khalifa Abdulla Khamis Al Romaithi as the new board member replacing Mansour Mohamed Al Mulla who stepped down last month, the filing concluded.
