Mubasher: Aldar Properties reported a growth of 9% in net profits during the second quarter of 2016.
Abu Dhabi's leading listed property company achieved earnings worth AED 654 million ($178.01 million) in Q2-16 compared with AED 601 million ($163.58 million) in Q2-15, according to a bourse statement issued Tuesday.
Aldar recorded strong revenues of AED 1.7 billion for the second quarter, the statement said.
During the first half of 2016, profits increased by 12% to AED 1.31 billion from AED 1.17 billion in H1-15.
Revenues rose by 28% to AED 2.93 billion in H1-16, compared with AED 2.29 billion in H1-15, the statement added.
Aldar’s gross profit from recurring revenue assets up 12% to AED 382 million.
“Off-plan development sales exceed AED 1 billion; AED 940 million in Aldar developments, driven by Yas Acres and Mayan; AED 90 million from West Yas,” according to the recent statement.
“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,” CEO of Aldar Properties Mohamed Khalifa Al Mubarak said.
“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. We remain a strong, resilient business with a clear strategy that is focused on creating long-term value for our shareholders,” he added.
