Aldar sees potential to build 7,300 units across existing sites by 2020, the Abu Dhabi property developer said as it posted a rise in its quarterly profits.

The company posted net profits of $195.47m in the fourth quarter of 2014, a 77% rise on the same period the year earlier. Profit attributable to shareholders stood at $189.6m, according to Reuters calculations.

The company said in a statement that it has “the potential to launch 7,300 units across our existing destinations over the next 4 to 5 years.”

Mohammed Khalifa Al Mubarak, chief executive of Aldar, said the board had recommended a 29% increase in the dividend to 9 fils per share.

“2014 has been an exceptional year for Aldar. Over the year we opened our flagship retail asset, Yas Mall, and delivered over 7,000 residential units to our customers and asset management portfolio,” he said.

Aldar opened Yas Mall on 19 November and says it is fully leased. Its handover of units at The Gate Towers help pushed its annual revenues up to $1.78 billion last year, a 22% increase on the $1.46bn it posted in 2013.