Abu Dhabi¿s biggest developer notched up its highest daily gain in a month yesterday after its chief financial officer said the company planned to return to profit by the end of this year.
Profit forecast lifts Aldar
Abu Dhabi's biggest developer notched up its highest daily gain in a month yesterday after its chief financial officer said the company planned to return to profit by the end of this year.
Shares of Aldar Properties, traded on the Abu Dhabi Securities Exchange (ADX), closed 3.45 per cent higher at Dh2.11.
"The company will be in the black at net profit level for 2011 and 2012 as well," Shafqat Malik told investors on Monday.
Aldar announced a plan last week under which the Abu Dhabi Government will buy Dh10.9 billion of the company's infrastructure assets on Yas Island, plus Dh5.5bn of residential units and land.
Shares of Aldar had declined more than 10 per cent in the past week. "We were hoping the Aldar hurricane would be over," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment in Abu Dhabi. The ratings agency Standard & Poor's also upgraded its view of Aldar yesterday to "developing" from "negative".
Other property stocks listed in Abu Dhabi also benefited from the mood among investors. Sorouh Real Estate rose 2.6 per cent to Dh1.56 a share. RAK Properties advanced 2.3 per cent to 44 fils.
The ADX General Index lost 0.39 per cent to 2,679.55, while the Dubai Financial Market General Index rose 0.8 per cent to 1,622.31.
Drake & Scull International was up 2.8 per cent at Dh1.08.
Elsewhere in the region, Kuwait's measure advanced 0.04 per cent to 6,918, Bahrain's lost 0.4 per cent to close at 1,425.88, Oman's was down 0.2 per cent to 7,006.18, and Qatar's rose 0.3 per cent to 9,199.97. The Saudi Tadawul All-Share Index declined 0.7 per cent to 6,715.64.