Aldar Properties reports 39% increase in Q1 2017 Gross Profit to AED 753 million
Aldar Properties PJSC , Abu Dhabi’s leading listed property development, investment and management company, announced a 39% increase in Gross Profit to AED 753 million for the first quarter ended 31 March 2017, up from AED 542 million in Q1 2016.
- Q1 Financial highlights:
- Revenue grew 28% to AED 1.58 billion, driven by revenue recognition on developments under construction and land plot sales
- Development sales of AED 1 billion
- Q1 recurring revenue net operating income of AED 402 million
- Net profit during the quarter of AED 641 million
Development business highlights:
- Total development sales value of AED 1 billion, led by West Yas, land plot sales and Al Nareel
- All developments remain on track – Ansam, Al Hadeel and Al Nareel set for handover in 2017
- AED 2.3 billion of construction contracts awarded year to date at Yas Acres and Mayan
- In April, Aldar launched The Bridges, a six tower mid-market development including 1,272 units. Three towers will form part of the recurring revenue investment plan while the remaining three have been launched for sale and subsequently sold out.
Commenting on the results, H.E. Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said:
“Demand for our high quality products in our key destinations has resulted in a robust performance this quarter. We delivered a 39% increase in Gross Profit and AED 1 billion in development sales.
“Looking forward, our fully committed AED 3 billion investment programme paves the way for future growth in recurring revenues. Our latest development, The Bridges, sold out in three weeks demonstrating real demand for the right product at the right price.
Source: Aldar Properties