News Column

Aldar reports 68% income increase in FY13 on higher recurring revenues

February 12, 2014



Aldar Properties announced its financial results for Q4 2013, where net

income after minority jumped 81% YoY to AED433mn compared to AED239mn in

Q4 2012. On the full year basis, net income increased 68% YoY to

AED2.25bn in 2013, beating consensus net income after minority of

AED1.99bn by 13%. The company recommended a DPS of 7 fils, implying a

dividend yield of 2%.



"Although sales declined 53% YoY to

AED5.3mn in 2013, net income increased due to a gain on business

combination of AED2.6bn on the back of gains from the merger with

Sorouh", Mubasher Trade and Research reported.



Additionally,

the gross profit margin improved (+440bps to 33%) in 2013, on the back

of increased income from operating business, that includes the recurring

revenue, by 39% YoY to AED2bn in 2013 amid the merger with Sorouh. "This

has a positive effect on the total gross profit margin as mentioned

above for enhancing that margin of income from operating business

segment in 2013 to reach 35% vs. 31% for residential and development

segment", according to Mubasher Trade and Research.

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Source: Mubasher (Saudi Arabic)


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