Abu Dhabi’s Aldar Properties Q2 2016 net profit increases 9% to AED 654 million

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Aldar Properties PJSC , Abu Dhabi’s property development , investment and management company, announced its financial results for the second quarter of 2016.

Q2 Financial Highlights:

-Net profit increased 9% to AED 654 million, from Q2 2015 (AED 601 million)
-Gross profit from recurring revenue assets up 12% to AED 382 million versus Q2 2015
-Strong revenues of AED 1.7 billion for the quarter

Q2 2016 Operational Highlights – Development

-Off-plan development sales exceed AED 1 billion
-AED 940 million in Aldar developments, driven by Yas Acres and Mayan
-AED 90 million from West Yas
-Yas Acres 80% sold across Phase I and II to date
-Mayan 75% sold across first five buildings to date

Q2 2016 Operational Highlights – Asset Management

-Stable performance across key asset classes
-Yas Mall trading occupancy: 98%
-Residential portfolio occupancy: 96%
-Office portfolio occupancy: 95%
-Hotel portfolio occupancy: 76% for six months to 30 June 2016, ahead of wider Abu Dhabi market

Commenting on the Q2 2016 results, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said:
“Aldar’s second quarter performance highlights the significant progress we have made in building a mature and sustainable business. The contribution from our recurring revenue portfolio continued to grow with strong occupancy rates across our assets. The successful launch of Yas Acres in April underlines our commitment to developing attractive destinations, while the Ansam, West Yas and Mayan developments are all helping shape the Yas Island Living experience.

“With over AED 1 billion in off-plan sales during the quarter, AED 1.9 billion in the first six months of 2016, we continue to see strong demand for our high-quality real estate products. We remain a strong, resilient business with a clear strategy that is focused on creating long-term value for our shareholders.”

Source: Aldar

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