Aldar posts Dh1.86b profit in 9 months

The revenue rose to Dh1.38 billion during July-August quarter while gross profit reached at Dh588 million

Aldar Properties on Monday said it's third-quarter revenue climbed 27 per cent and gross profit surges 38 per cent due to strong underlying performance across the business.

The Abu Dhabi's leading listed property development, investment and management company, said revenue rose to Dh1.38 billion during July-August quarter while gross profit reached at Dh588 million, excluding one-off transactions in Q3 last year.

Underlying property development revenue up 192 per cebt to Dh493 million driven by revenue recognition of off-plan properties under development.

The property developer said third-quarter net profit reached at Dh601 million while it amounted to Dh1.86 billion in January-September 2017 period.

The Abu Dhabi-based firm reported Dh604 million in development sales during the quarter while total development sales reached at Dh2.4 billion in the nine months to September 30, 2017.

Mohamed Khalifa Al Mubarak, Chairman, of Aldar Properties, said Aldar has delivered another set of solid results.

"The exceptional response to our new development, Water's Edge, launched at Cityscape Global, cements our reputation for delivering desirable destinations in Abu Dhabi," he said.

Aldar also reported steady performance of asset management portfolio with Dh360 million net operating income for Q3 2017 and Dh1.12 billion year to date.

"Our asset management business delivered a resilient performance during the quarter and we are pleased to be acquiring International Tower, a high-quality office building, further strengthening the portfolio. Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues," Al Mubarak said.

During the quarter, Aldar launched its Dh2.4 billion, 2,255 home master-planned development, Water's Edge, on the waterfront of Yas Island. The first phase was launched at Cityscape Global in September and fully sold in a matter of days. Sales of homes at Water's Edge, West Yas, as well a land plot sale, took the total value of development sales during the quarter to Dh604 million. This brings the value of total development sales for the first nine months of 2017 to Dh2.4 billion.

Aside from off-plan launches, construction is ongoing at Aldar's eight remaining developments, which are at different stages of completion. Ansam and Al Hadeel are on schedule to be handed over to customers at the end of the year while Nareel, West Yas and Al Merief are entering final stages of construction and are on track to be handed over in early 2018.

Following the construction contract award for The Bridges, Aldar has awarded Dh3 billion of construction contracts in the year to date.

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