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Aldar's profit falls 26.9% YOY in FY'17

Aldar Properties PJSC's full-year 2017 profit totaled 2.01 billion United Arab Emirates dirhams, down 26.9% from 2.75 billion dirhams in 2016.

The profit was hit by a 3% value adjustment to the Abu Dhabi-based developer's asset management portfolio, according to a release.

Meanwhile, underlying gross profit jumped 34% year over year to 2.7 billion dirhams, driven by ongoing construction on development projects. Aldar's development sales stood at 3.5 billion dirhams for the year, ahead of the company's guidance, while the asset management business logged net operating income from recurring revenue assets of 1.6 billion dirhams.

For the fourth quarter ended Dec. 31, 2017, development sales totaled 1.2 billion dirhams, thanks to the Water's Edge and West Yas properties in Abu Dhabi. The compay's underlying revenue climbed 26% year over year to 6.2 billion dirhams.

Additionally, Aldar proposed a dividend of 12 UAE fils per share for 2017, up from 11 fils per share in 2016.

As of Feb. 14, US$1 was equivalent to 3.67 dirhams.