In Numbers: Aldar Properties' Q3 financials
ConstructionWeekOnline summarises Aldar Properties' financial, development, and asset performance during the third quarter of this year
The UAE's Aldar Properties recently announced its financial results for the third quarter (Q3) of 2016.
The development firm's net profit increased 16% to $200.6m (AED737m), up from $173.6m (AED638m), in Q3 2015.
Contracts worth $190.5m (AED700m) were awarded during the quarter for the developer's Al Merief, Al Nareel, and Meera developments, bringing the value of total contracts awarded during the first nine months of 2016 to $789.5m (AED2.9bn).
In the following pages, ConstructionWeekOnline summarises the development firm's Q3 performance highlights as listed on the Abu Dhabi Securities Exchange.
Next page: Financial overview
Q3 Financial Highlights
Aldar's net profit increased 16% to $200.6m (AED737m), up from $173.6m (AED638m) in Q3 2015.
Gross profit from recurring revenue assets up 4% to $98.8m (AED363m) compared to Q3 2015.
Revenues of $517.2m (AED1.9bn) and gross profit of $240.3m (AED883m) were both up 61% year-on-year, reflecting the successful handover of land plots during the quarter, Aldar said in a statement.
Next page: Projects in Q3
Q3 2016 Operational Highlights – Development
Aldar also recorded quarterly off-plan development sales worth $272.2m (AED1bn), driven primarily by its Yas Acres (pictured) and Mayan projects.
To date, Yas Acres is 90% sold across Phase 1 and Phase 2, and Mayan is 80% sold across Phase 1.
Contracts worth $190.5m (AED700m) awarded in Q3 for the Al Merief, Al Nareel, and Meera developments took the value of total contracts awarded during the first nine months of 2016 to $789.5m (AED2.9bn).
Next page: Asset management in Q3
Q3 2016 Operational Highlights – Asset Management
Aldar said it delivered a steady performance across most asset classes in Q3 2016.
Yas Mall's trading occupancy by units currently stands at 96%, down by 2% from Q2 2016.
The developer's residential portfolio occupancy dropped by 2% from its Q2 figures to 94% during Q3, and office portfolio occupancy stood at 95%.
Hotel portfolio occupancy figures for Q3 remained steady at 76% for the nine months to 30 September 2016.