- Q3 2016 net profit rises 16% to AED 737 million
- Destination strategy continues to build momentum
Aldar Properties PJSC (“the Company”), Abu Dhabi's leading listed property development, investment and management company, today announced its financial results for the third quarter of 2016.
Q3 Financial Highlights:
- Net profit increased 16% to AED 737 million, up from AED 638 million in Q3 2015
- Gross profit from recurring revenue assets up 4% to AED 363 million versus Q3 2015
- Revenues of AED 1.9 billion and gross profit of AED 883 million were both up 61% year-on-year reflecting the successful hand over of land plots during the quarter
Q3 2016 Operational Highlights - Development
- Quarterly off-plan development sales of AED 1 billion, driven by Yas Acres and Mayan
- Yas Acres 90% sold across Phase I and II to date
- Mayan 80% sold across Phase I to date
- AED 700 million in contracts 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.
Q3 2016 Operational Highlights - Asset Management
- Steady performance across most asset classes
- Yas Mall trading occupancy by units: 96%
- Residential portfolio occupancy: 94%
- Office portfolio occupancy: 95%
- Hotel portfolio occupancy: 76% for the nine months to 30 September 2016, ahead of wider Abu Dhabi market
Commenting on the Q3 2016 results, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said:
“Aldar’s destination strategy continues to build momentum, with AED 1 billion in off-plan sales during the third quarter and AED 2.9 billion during the first nine months of 2016. We continue to see demand for high quality real estate in Abu Dhabi’s prime locations. Our increasingly diverse buyer mix demonstrates we are bringing the right product, at the right price, in the right location and servicing previously untapped segments of the market where we see real demand.
“Gross Profit from our recurring revenue assets grew 4% year-on-year. We have a strong portfolio, which continues to demonstrate resilience and robust levels of occupancy, despite the softer economic backdrop. As such we believe our solid fundamentals on both the development business and recurring revenues business will allow Aldar to continue delivering long-term value for its shareholders.”