Abu Dhabi’s Aldar Properties net profit increases 15% in Q1 2016
Aldar Properties PJSC , Abu Dhabi’s leading listed property development, investment and management company, announced net profit of AED 654 million for the first quarter ended 31 March 2016, up 15% from AED 571 million in Q1 2015.
In the first quarter, gross profit from recurring revenue increased by 10% to AED 403 million versus AED 368 million in the same period of 2015 predominantly reflecting the impact of Yas Mall, which is now fully trading. Revenue across the group rose 4% during the first quarter to AED 1.23 billion compared to AED 1.18 billion in Q1 2015. This was supported by growth in recurring revenue, which represented 61% of total revenue in first three months of 2016.
During the first quarter, Aldar sold 320 units worth AED 940 million in off-plan development sales, continuing to demonstrate demand for Aldar’s real estate developments in Abu Dhabi.
“Aldar has had a solid first quarter of the year. We have seen strong demand for high-quality real estate products, and our recurring revenue asset portfolio continues to stabilise. Our development and asset management businesses are well matched to underlying demand and our balance sheet remains extremely strong.” said H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties,
“We continue to see high levels of interest in quality real estate product among buyers, driving demand for our developments, which offer lifestyle amenities in desired locations such as Yas Island, Shams Abu Dhabi and Al Raha Beach.” he added.