Aldar Properties, a leading real estate developer based in Abu Dhabi, UAE, has registered a net profit of Dh737 million ($201 million) in the third quarter, up 16 per cent over Dh638 million ($174 million) in the same period last year.

Announcing the financial results for the third quarter, Aldar said the gross profit from recurring revenue assets went up four per cent to Dh363 million over the previous year.

The revenue for the period rose to Dh1.9 billion ($517 million), while the gross profit surged to Dh883 million ($240 million), thus both posting a 61 per cent year-on-year growth reflecting the successful hand over of land plots during the quarter, it stated.

Commenting on the results, CEO Mohamed Khalifa Al Mubarak, said Aldar’s destination strategy continues to build momentum, with Dh1 billion ($272 million) in off-plan development sales mainly driven by its prime golf and waterfront developments Yas Acres and Mayan.

Yas Acres, a Dh6-billion ($1.63 billion) golf and waterfront residential project located on the northern part of Yas Island in Abu Dhabi, has witnessed brisk sales with its 90 per cent of its villa units sold across the Phase One and Two of the development.

Mayan, a major luxury project featuruing studios, one-, two-, three- and four-bedroom apartments and beachfront villas set alongside the Yas Links Golf Club and the exclusive Yas beach on Yas Island, has seen 80 per cent of its housing units in Phase One sold till date, said Aldar in its statement.

Also during the period, the Emirati developer awarded Dh700 million ($191 million) in contracts for its key projects including Al Merief, Al Nareel and Meera, thus bringing its total contracts for the first nine months to Dh2.9 billion ($789 million).

He pointed out that there was a big demand for high quality real estate in Abu Dhabi’s prime locations.

"Our increasingly diverse buyer mix demonstrates we are bringing the right product, at the right price, in the right location and servicing previously untapped segments of the market where we see real demand," remarked Al Mubarak.

"Gross profit from our recurring revenue assets grew four per cent year-on-year. We have a strong portfolio, which continues to demonstrate resilience and robust levels of occupancy, despite the softer economic backdrop," he noted.
 
"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," he added.-TradeArabia News Service