Aldar Properties reported an 80 percent fall in fourth-quarter profit due to a one-time charge, its chief financial officer said on Thursday.
Aldar made a net profit attributable to owners of $38.4 million (AED141m) in the three months to Dec. 31, compared with 727.9 million dirhams a year earlier, CFO Greg Fewer said on a conference call.
Aldar booked a one-time charge of $#134m (AED495m) in the fourth quarter, he said.
SICO Bahrain forecast that Aldar would make a quarterly profit of 628.12 million dirhams.
Aldar’s full-year profit attributable to owners was $544.5 million (AED2bn), compared with 2.78 billion dirhams in 2016, he said.
The company has a capex outlay of $1.54bn (AED5.4bn) for the next two years and is also evaluating refinancing a $750 million sukuk due in 2018, he added.
The developer reported that development sales reached AED 3.5 billion ($952.9 million), including AED 1.2 billion ($326.7 million) in Q4 driven he the company’s Water’s Edge and West Yas projects.
Underlying revenue went up 26 percent to AED 6.2 billion ($1.69 billion), while Aldar’s asset management business achieved a AED 1.6 billion ($435.6 million) net operating income guidance.
The company’s 2017 proposed share dividend of AED 0.12 was up 9 percent from AED 0.11 in 2016.
“Our accomplishments during 2017 validate the success of our destination development strategy,” said Aldar Properties CEO Talal Al Dhiyebi.
“Off-plan development sales hit AED 3.5 billion, demonstrating the rich demand for Aldar's properties while we expanded our portfolio of owned assets with the acquisition of International Tower, achieving our target of AED 1.6 billion in net operating income.”