UAE Aldar Properties Q3 net profit rises 16%

Abu Dhabi-listed Aldar Properties reported a net profit of AED 737 million for the third quarter this year, a 16 percent year-on-year (YoY) increase amid higher real estate demand in the emirate’s prime locations.

Revenues for the quarter rose 61 percent YoY to AED 1.9 billion, while gross profit also climbed 61 percent YoY to AED 883 million, “reflecting the successful hand over of land plots during the quarter,” the developer said in a statement.

Aldar saw quarterly off-plan development sales of AED 1 billion, driven by Yas Acres and Mayan. Yas Acres is 90 percent sold across phases I and II to date, and Mayan is 80 percent sold across Phase-I, the statement said.

Contracts worth AED 700 million were awarded during the quarter for Al Merief, Al Nareel and Meera, which brings total contracts awarded for the first nine months of 2016 to AED 2.9 billion, it added.

 “We have a strong portfolio, which continues to demonstrate resilience and robust levels of occupancy, despite the softer economic backdrop,” chief executive Mohamed Khalifa Al Mubarak said in the statement.

The developer also saw a steady performance across most asset classes. In retail, Yas Mall has trading occupancy, by units, of 96 percent, while the hotel portfolio reached 76 percent occupancy for the nine months, which was higher than the average for Abu Dhabi’s hotel sector as a whole.

Residential portfolio occupancy stood at 94 percent and office at 95 percent, it added.