Aldar Properties earns $760m net profit in 2016

Aldar awarded construction contracts worth $820m (AED3bn) and generated recurring revenue net operating income of $440m (AED1.6bn) in 2016

Aldar launched three phases of Yas Acres in 2016, of which two phases have already been sold out.
Aldar launched three phases of Yas Acres in 2016, of which two phases have already been sold out.

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.”

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020