Financial results for the second quarter of 2016 have been
released for Abu Dhabi’s top property development, investment and management
company, Aldar Properties PJSC.
Overall financial highlights from the second quarter include
a net profit of AED 654 million, which is a nine percent increase from Q2 2015.
The gross profit from recurring revenue assets increases 12 percent to AED 382
million versus Q2 2015. In addition, revenues for the quarter total AED 1.7
billion.
Noteworthy elements from the development portion of the operational
highlights include off-plan development sales that exceed AED 1 billion. Aldar
developments record AED 940 million, which were produced by Yas Acres and
Mayan. West Yas noted AED 90 million. Phase one and two of Yas Acres is 80 percent
sold, while the first five buildings of Mayan have 75 percent sold.
“Aldar’s second quarter performance highlights the
significant progress we have made in building a mature and sustainable business,” Mohamed Al Mubarak, CEO of Aldar Properties, said. “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.”
Important notes from the asset management portion of the
operational highlights document a stable performance across key asset classes. Yas
Mall trading occupancy is 98 percent, with the residential portfolio occupancy at
96 percent. In addition the office portfolio occupancy is 95 percent and the
hotel portfolio sits at 76 percent for a six month period ending June 30,
placing ahead of the Abu Dhabi market.
“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,” Al Mubarak said. “We remain a strong, resilient business with a
clear strategy that is focused on creating long-term value for our
shareholders.”
