UAE’s Aldar net profit hits USD158.97m in Q3

13 Nov 2014

(MENAFN) Aldar Properties, the Abu Dhabi-listed property developer, said it has registered an increase by 41 percent in its net profit to reach USD158.97 million for the July-September period of this year compared with USD112.42 million during the same quarter last year, Emirates 24/7 reported.

Alder said that the growth in its net profit was the result of the recurring revenue assets and the high valuation of its new project, the Yas Mall following its completion.

During the third quarter, the company’s revenues increased by 17 percent to USD372.94 million compared with USD318.50 million registered in the same period of 2013, which was attributed to the sale of B2 Tower, handover of units at Gate Towers and increased recurring revenue streams.

Aldar’s recurring revenue also increased during the third quarter of this year, amounting to USD143.18 million which is an increase of 12 percent compared to USD128.21 million registered in the corresponding period of 2013, as a result of strong leasing activity during the period at Al Rayanna and The Gate Towers.

During the January-September period, Aldar’s revenue amounted to USD1.34 billion, while its profit reached USD421.94 million and its total assets were USD10.40 billion.

“This has been a strong quarter that clearly demonstrates the effectiveness of our strategy. This will help smooth out bottom line earnings and underpin our business as we commence a new wave of development projects, which include a number to be launched over the coming quarters,” Aldar said in a statement.