Aldar Properties, the largest developer in Abu Dhabi, saw annual profits increase by 77.5 per cent last year, despite sales in the fourth quarter grinding to a halt.
Shafqat Malik, the Aldar chief financial officer, said the company decided in September to “basically stop selling” for the last three months of the year because of a dramatic change in market conditions.
“We did it intentionally because of the market state,” he said. “The thing is that you need to be alert and cautious in your approach to make sure you adjust yourself to market conditions.” Annual profit jumped 77.5 per cent to Dh3.4 billion (US$926 million), while earnings in the last quarter fell by 89 per cent to Dh84m.
Ahmed Ali al Sayegh, the chairman of Aldar, said last year was successful for the company but warned that this year would see the impact of the global credit crisis and slowdown in the domestic property sector.
No comments:
Post a Comment