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Aldar Properties reports 39% increase in Q1 2017 Gross Profit to AED 753 million
AED 1 billion of development sales during quarter
AED 3 billion investment programme to grow recurring revenues now fully committed
AED 402 million net operating income from recurring revenue assets during quarter
Abu Dhabi, 09 May 2017
: Aldar Properties PJSC ("the Company"), Abu Dhabi's leading listed property development, investment and management company, today announced a 39% increase in Gross Profit to AED 753 million for the first quarter ended 31 March 2017, up from AED 542 million in Q1 2016.
Q1 Financial highlights:
Revenue grew 28% to AED 1.58 billion, driven by revenue recognition on developments under construction and land plot sales
Development sales of AED 1 billion
Q1 recurring revenue net operating income of AED 402 million
Net profit during the quarter of AED 641 million
Development business highlights:
Total development sales value of AED 1 billion, led by West Yas, land plot sales and Al Nareel
All developments remain on track – Ansam, Al Hadeel and Al Nareel set for handover in 2017
AED 2.3 billion of construction contracts awarded year to date at Yas Acres and Mayan
In April, Aldar launched The Bridges, a six tower mid-market development including 1,272 units. Three towers will form part of the recurring revenue investment plan while the remaining three have been launched for sale and subsequently sold out.
Asset Management business highlights:
Yas Mall maintained strong trading occupancy with 95% units trading as at 31 March 2017
Residential and office portfolio occupancy: 90% and 95% respectively as at 31 March 2017
Hotel portfolio occupancy for Q1 2017: 84%, ahead the of wider Abu Dhabi market occupancy figure of 76%
AED 1.9 billion committed to investment programme during the quarter with four new assets announced – AED 3 billion now fully committed
Commenting on the results, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said:
"Demand for our high quality products in our key destinations has resulted in a robust performance this quarter. We delivered a 39% increase in Gross Profit and AED 1 billion in development sales.
"Looking forward, our fully committed AED 3 billion investment programme paves the way for future growth in recurring revenues. Our latest development, The Bridges, sold out in three weeks demonstrating real demand for the right product at the right price.
"There is strength in the Abu Dhabi market."
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