Aldar Properties announces positive financial results for third quarter of 2016

Aldar Properties announces positive financial results for third quarter of 2016
Aldar Properties announces positive financial results for third quarter of 2016 | Courtesy of Shutterstock
Aldar Properties PJSC, a property development, investment and management company, recently announced financial results for the third quarter of 2016.
 
Financial highlights from the quarter include a net profit growth of 16 percent: the $200.6 million this year is up from $173.7 million last year.
 
“Aldar’s destination strategy continues to build momentum, with AED 1 billion in off-plan sales during the third quarter and AED 2.9 billion during the first nine months of 2016,” Mohamed Al Mubarak, CEO of Aldar Properties, said.
 
Khalifa stated that the company continues to see demand for high-end real estate in the prime locations of Abu Dhabi. He noted a diverse buyer mix looking for the right product in the right location.
 
“Gross profit from our recurring revenue assets grew 4 percent year on year,” Al Mubarak said. “We have a strong portfolio, which continues to demonstrate resilience and robust levels of occupancy, despite the softer economic backdrop. As such, we believe our solid fundamentals on both the development business and recurring revenues business will allow Aldar to continue delivering long-term value for its shareholders.”

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