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UAE developer Aldar records 27% hike in Q3 2017 revenue

Aldar Properties reported that its revenue for Q3 2017 reached $375.7m, representing year-on-year growth of 27%

Aldar awarded the main contract for its The Bridges project to Construction Group Contracting House.
Aldar awarded the main contract for its The Bridges project to Construction Group Contracting House.

Aldar Properties has released its financial results for the third quarter of the year.

According to the Abu Dhabi-headquartered company, its revenue for Q3 2017 reached $375.7m (AED1.38bn), while its gross profit reached $160.1m (AED588m).

Aldar said in a statement that, excluding one-off transactions in Q3 2016, the 2017 figures represent year-on-year revenue growth of 27% and gross profit growth of 38%.

The developer also reported a net profit of $163.6m (AED601m) for Q3 2017 and $506.4m (AED1.86bn) for the first nine months of the year, up to 30 September, 2017.

Watch: Aldar's Meera is on track for a Q3 2018 handover

Meanwhile, its development sales reached $164.4m (AED604m) during the quarter and $653.4m (AED2.4bn) in the first nine months of 2017.

According to Aldar, its underlying property development revenue went up by 192%, to $134.2m (AED493m), in Q3 2017, while its asset management portfolio logged a $98m (AED360m) net operating income for the period and $304.9m (AED1.12bn) year to date.

Commenting on the results, HE Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, said: “Aldar has delivered another set of solid results. The exceptional response to our new development, Water’s Edge, cements our reputation for delivering desirable destinations in Abu Dhabi.

“Our asset management business delivered a resilient performance during the quarter, and we are pleased to be acquiring International Tower, [an] office building, further strengthening the portfolio.

“Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues,” he added.

Al Mubarak was recently appointed as Aldar’s chairman, having held the post of CEO since 2014. Replacing him as CEO is Talal Al Dhiyebi, the company’s former chief development officer.

In October this year, the developer awarded a contract worth $202.9m (AED745m) to Construction Group Contracting House for its The Bridges project, bringing its year-to-date construction contract awards total to $816.8m (AED3bn).

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