Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Aldar Property to refinance $2.2bn debt  Join our daily free Newsletter

MENAFN - The Peninsula - 13/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Aldar Properties said yesterday that it would look to refinance Dh7.9bn (2.2bn) of debt maturing this year, as the Abu Dhabi developer reported a 79 percent jump in fourth-quarter net profit



The refinancing will include a 1.25bn bond that is to mature in May, Aldar's chief financial officer Greg Fewer told reporters in a conference call after the announcement of the results



Aldar, which built Abu Dhabi's Formula One race track, is recovering from a collapse in the emirate's property market that forced the company to take government support worth 10bn in exchange for some of its assets



The majority state-owned developer acquired rival Sorouh Real Estate last year, forming Abu Dhabi's largest property firm with assets in excess of 12bn



The developer now plans to spend Dh4.5bn to complete existing projects and also announce new developments this year



"We have ample liquidity - we are not left wanting for capital to invest in this," said Fewer



Aldar had Dh13.7bn of debt outstanding at the end of 2013, of which Dh7.9bn would be refinanced in 2014



"You could see us (doing) normal refinancing - banks or bonds - because of our strong credit ratings. We will also manage debts with government receivables, existing cash and liquidity already procured," Fewer said, adding that Aldar now had cash holdings Dh8.3bn.




The company made a profit of Dh427m in the final quarter of 2013, compared to Dh239m in the corresponding period of 2012.



The result beat estimates by analysts at Naeem Holding who had forecast a fourth-quarter profit of Dh354m.



However, Aldar shares dropped two percent yesterday morning, apparently because of disappointment with its proposal for a seven percent cash dividend; investors had been hoping for more. A year earlier, its dividend was six percent



Abu Dhabi's real estate market slumped by about 50 percent from its peak in 2008 after the global financial crisis triggered a crash. But prices rebounded strongly last year, rising some 25 percent, on the back of a series of market-boosting measures by the government including the scrapping of annual rent caps.



"We are in a strong delivery phase right now. About 5,000 Aldar-owned units are being delivered into the Abu Dhabi market right now and that will contribute to revenues in the next four quarters," said Fewer



Revenue in the past quarter was also driven by the handover of key projects, including 199 units delivered at the Gate Towers in Abu Dhabi, and state projects.



Aldar's full-year profit was Dh2.25bn compared to Dh1.3bn in 2012, largely driven by a one-off gain of Dh2.6bn booked in the second quarter from the acquisition of Sorouh.


 


The Peninsula




  MENA News Headlines
 Feb 12 2016 - Spain dismantles falcon trafficking ring destined for UAE racesThe Peninsula
(MENAFN - The Peninsula) (file photo / Reuters ) Madrid: Spanish police said Thursday they had dismantled an international ring that smuggled falcons to the United Arab Emirates where ...

 Feb 12 2016 - Russia raises spectre of world war if nations fail to negotiate over SyriaThe Peninsula
(MENAFN - The Peninsula) Russian Prime Minister DmitryMedvedevchairs a meeting with ministers and top officials on social and economic policy in Moscow on February 10 2016. REUTERS ...

 Feb 12 2016 - Germany offers 500 mln euros in credits to IraqThe Peninsula
(MENAFN - The Peninsula) German Chancellor AngelaMerkel(L) and Iraqi Prime Minister Haider al-Abadi shake hands at a joint press conference after meeting at the Chancellery in Berlin on February 11 ...

 Feb 12 2016 - Russia claims US planes bombed Syria's AleppoThe Peninsula
(MENAFN - The Peninsula) Stalls are seen on a street beside damaged buildings in the rebel held al-Shaar neighborhood of Aleppo Syria February 10 2016. REUTERS Moscow:Russia's defence ...

 Feb 12 2016 - Erdogan threatens to send refugees to EU as NATO steps inThe Peninsula
(MENAFN - The Peninsula) Syrian people wait in front of the Oncupinar crossing gate to go back to Syria near the town of Kilis in south-central Turkey on February 11 2016. AFP Ankara:Turkish ...

 Feb 12 2016 - Qatar- LNG deal 'key to Pakistan's prosperity'The Peninsula
(MENAFN - The Peninsula) Pakistan Prime Minister Nawaz Sharif addressing members of the Pakistani community at the Four Seasons hotel yesterday. Pic: Abdul Basit / The Peninsula DOHA: ...

 Feb 12 2016 - Qatar- Emir visits Al Qassar Metro Station projectThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani is briefed on the project by Minister of Transport and Communications H E Jassim bin Saif Al Sulaiti. Doha: Emir H H Sheikh Tamim ...

 Feb 12 2016 - Qatar- PM opens Police Training Institute headquartersThe Peninsula
(MENAFN - The Peninsula) Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani interact with officers after opening the headquarters of the Police Training ...

 Feb 12 2016 - Qatar- Festival opens to promote Sidra treeThe Peninsula
(MENAFN - The Peninsula) Visitors at the ‘Rhamnus’ festival at Mazrouah Yard in Umm Salal yesterday. Pic: Baher / The Peninsula Doha: Mazrouah Yard the winter vegetable market in ...

 Feb 12 2016 - Qatar- Temporary diversion on part of Lijmiliya Road in both directions from MondayThe Peninsula
(MENAFN - The Peninsula) Doha: The Public Works Authority (Ashghal) will implement a temporary diversion on part of Lijmiliya Road running about 2km in both directions. The closure start on ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help