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Aldar Properties, which saw a 41 per cent jump in third quarter profits, would be investing Dh4 billion in the next 12 to 15 months in the various development projects. According to the company, it is assessing 23 development opportunities at the moment.
The company reported net profit of Dh584 million for the third quarter in 2014, an increase of 41 per cent compared with Dh413 million in the third quarter of 2013,
Aldar produced a good set of results in the third quarter, according to Saleem Khokhar, Head of Equities at National Bank of Abu Dhabi’s (NBAD) Asset Management. He said there has been an increase in the recurring revenue and increase in the number of units delivered. “Some valuation gains for the company due to completion of Yas Mall. The prospects for the company look good,” Khokhar told Gulf News.
The company’s revenue for the nine months to September 31, 2014, was Dh5.28 billion compared to Dh4.06 billion revenue in the same period last year. Net profit in the first nine months was Dh1.55 billion as compared to Dh1.82 billion including Dh1.06 billion net gain on acquisitions last year.
Aldar, the builder of Abu Dhabi’s Formula One race circuit said that as of September 30, 2014, total assets were Dh38.21 billion. Net debt to equity, excluding restricted cash, stood at 38 per cent.
“Aldar continues to hold a strong cash position with Dh4.03 billion of cash and bank balances at the end of the third quarter. Gross debt fell 5 per cent during the quarter to Dh9.57 billion as at 30 September 2014,” the company said in a statement.
The company said there have been number of developments in the third quarter. It handed over 360 units including the 202 units in B2 Tower in Marina Square, Al Reem Island. In total 1,770 units have now been handed over to customers at The Gate Towers. In retail sector 98 per cent of the Yas Mall has been leased out and is set to be opened on November 19.
In the hotel segment, third quarter 2014 occupancy across the hotel portfolio stood at 74 per cent. Occupancy for the first nine months of 2014 across the hotel portfolio was 79 per cent versus 73 per cent in the same period last year, and also ahead of average Abu Dhabi market of 73 per cent, the company said.
In the commercial segment, the office portfolio achieved 87 per cent leasing as at September 30. Aldar is one of the largest developers in the Middle East, with $10 billion of assets. The company has developed some of Abu Dhabi’s most iconic and complex projects, from the Formula 1 facilities on Yas Island to the thriving Shams Abu Dhabi community on Al Reem Island. Its property portfolio is diversified and balanced with an asset base comprising residential communities, retail, commercial and hospitality real estate encompassing nine hotels with more than 2,500 available rooms.