Aldar Properties, a leading property development company in Abu Dhabi, UAE, said it has registered a net profit of Dh668 million ($182 million) for the first quarter, up four per cent from Dh641 million ($174 million) for the same period in 2017, thus reflecting a strong start to the year.  

Announcing the results for the first three months, the top Emirati developer said its revenue surged to Dh1.5 billion driven by strong revenue recognition on developments under construction, while its gross profit for the first quarter hit Dh715 million.

The development sales for the period surged to Dh681 million, driven by sales of existing projects under construction, with over 80 per cent of all those under development sold as of March 31, 2018.

At the end of the quarter, Aldar launched Reflection, a boutique development on Reem Island, consisting of 374 units and offering investors and owner occupiers the opportunity to secure high quality homes in a prime location.

During this period, Aldar had announced acquisition of assets worth Dh3.7 billion from Tourism Development and Investment Company (TDIC) providing growth for both the development and asset management business.

Also the first quarter saw the company launch its expanded Alghadeer community project on the border of Abu Dhabi and Dubai and sale of school and retail outlet plots

Commenting on the results, CEO Talal Al Dhiyebi said: "Aldar started 2018 strongly with the announcement of an historic partnership with Emaar to develop the next era of iconic real estate destinations."

"The initial Dh30 billion pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike," he noted.

 Al Dhiyebi said its launch of Reflection showed the continued momentum in its development business, which recorded sales of Dh681 million during the quarter, while the group's asset management business also continued to deliver a resilient performance.

"The acquisition of TDIC properties last week, including a portfolio of assets in the prime Saadiyat Island destination, as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager and underlines the scale of our ambitious plans for future growth," he added.

Besides the off-plan launches, construction is progressing well at all key developments under construction, said the statement from Aldar.

On its key achievements, the Emirati developer said the delivery of the units at Ansam and Al Hadeel, which commenced in the fourth quarter of 2017, is now complete.

Handovers have also begun on Al Merief and Nareel Island, as planned, said the developer.

West Yas, Aldar’s first villa community on Yas Island, is entering the final stages of construction and will be handed over in the second quarter, it added.-TradeArabia News Service