Aldar shares dive, but full year-net profit up 67 per cent
The Abu Dhabi market index ADXGI fell by 0.16 per cent to 4,863.87 points on Wednesday, February 12. Aldar Properties, the biggest developer in the UAE capital, plummeted by 4.23 per cent to AED3.40. Earlier in the day, Aldar said that its full-year net profit increased by 67 per cent year on year to AED2.25 billion ($613.58 million) driven by the continued programme of unit, land and infrastructure handovers in addition to the effect of the acquisition of Sorouh. Aldar’s fourth-quarter net profit increased 79 per cent to AED427 million ($116.44 million). The National Corporation for Tourism and Hotels dived by 9.94 per cent to AED7.70.