In Numbers: Aldar Properties' Q3 financials

ConstructionWeekOnline summarises Aldar Properties' financial, development, and asset performance during the third quarter of this year

Aldar Properties recorded $200.6m in net profit during Q3 2016. [Representational image]
Aldar Properties recorded $200.6m in net profit during Q3 2016. [Representational image]

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. 


 

 

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