Aldar Properties earns $760m net profit in 2016by Jochebed Menon on Feb 14, 2017
Abu Dhabi headquartered, Aldar Properties has registered a net profit of $760m (AED2.8bn) in 2016, up 8% from $710m (AED2.6bn) in 2015.
The property developer awarded construction contracts worth $820m (AED3bn) and generated recurring revenue net operating income of $440m (AED1.6bn) in 2016.
Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said: "We have enjoyed a solid year in terms of our underlying financial performance and our delivery against our strategic goals.
“Our business continues to mature and our diverse and robust assets have delivered consistent returns through natural market cycles.
“Our development sales value increased 17% to $750m (AED3.5bn) in 2016. Regarding our asset management portfolio, despite a softer operating environment, we achieved our target of $440m (AED1.6bn) recurring revenue net operating income.
"In 2017, we intend to focus on the opportunities presented by the growing demand for mid-market products in our development business.
“As for the asset management side, we remain fixed on our long term growth targets, which will be achieved through our $820m (AED3bn) investment programme, and we look forward to announcing more details on this programme shortly.”