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 of 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
 Nov 26 2014 - Kuwait's Mabanee to invest USD910m on projectMENAFN
(MENAFN) Mabanee, the Kuwaiti real estate firm, announced it is planning to spend USD910 million on building the fourth phase of its development of The Avenues mall, Arabian Business reported.The ...

 Nov 26 2014 - Oman's Sezad, OOC sign MoU on Duqm refineryMENAFN
(MENAFN) The Special Economic Zone Authority of Duqm (Sezad) announced it has signed a Memorandum of Understanding with the Oman Oil Company (OOC) regarding construction work on the planned refinery ...

 Nov 26 2014 - Emirates Airlines adds new flight to Maldives routeMENAFN
(MENAFN) Dubai's Emirates Airline announced it has added a third daily service to Mal", the capital of the Maldives, which will begin servicing passengers on December 1, Arabian Business reported.The ...

 Nov 26 2014 - Abu Dhabi Int'l passenger traffic up 17 percent in OctoberMENAFN
(MENAFN) Abu Dhabi International Airport announced that it registered an increase by 17 percent in its passenger in October, Arabian Business reported.The airport said that it has registered a total ...

 Nov 26 2014 - Oman's Rolls-Royce sales grow 46 percent in Jan.-Oct.MENAFN
(MENAFN) Rolls-Royce Motors announced it has registered an increase in its sales in Oman by 46 percent during the January-October period, compared to the same period last year, Times of Oman ...

 Nov 26 2014 - GCC petrochemical industry to decline on falling oil pricesMENAFN
(MENAFN) Gulf countries' petrochemical industry is expected to begin facing challenges due to the falling of oil prices, US shale gas and China's polyethylene, Khaleej Times reported.These factors ...

 Nov 26 2014 - Syrian economy decline 40 percentMENAFN
(MENAFN) According to the Undersecretary General for Humanitarian Affairs and Emergency Relief Coordinator, Syria's economy has declined by almost 40 percent since 2011, due to the effects of the ...

 Nov 26 2014 - Qatar to invest USD43.62b on railways infrastructureMENAFN
Qatar's Ministry of Transportation announced it is currently working on the development of advanced transport infrastructure in the country, with several projects currently in the planning stages or ...

 Nov 26 2014 - Dubai's Kcal to expand to EgyptMENAFN
(MENAFN) Kcal, the Dubai-based restaurant chain announced it is planning to expand its business in the MENA region with its first store slated to open in Egypt by December this year, followed by 14 ...

 Nov 26 2014 - MENA's value of M&A deals hit USD9.3b in Q3MENAFN
(MENAFN) The Middle East and North Africa's (MENA) merger and acquisition activity increased by 17 percent during the July-September period of this year, with 109 deals announced compared with 93 ...

more...


 






Google

 
 

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