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Aldar Properties posted a 9 per cent increase in net profit to Dh654 million in the second quarter of 2016, compared to a profit of Dh601 million in the second quarter of 2015, the company said in a statement on Tuesday.
The profits were driven by strong off plan development sales, exceeding Dh1 billion in Aldar’s Yas Acres and Mayan in Yas Island. According to the company, Yas Acres is 80 per cent sold across Phase 1 and Phase II to date and Mayan is 75 per cent sold in five buildings.
The company had revenues of Dh1.7 billion in the second quarter.
Commenting on the Q2 2016 results, Mohammad Khalifa Al Mubarak, CEO of Aldar Properties, said: “With over Dh1 billion in off-plan sales during the quarter, Dh1.9 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.”
With assets of $10 billion, Aldar has developed some of Abu Dhabi’s most iconic projects, including Yas Mall, the Formula 1 facilities on Yas Island and the new Shams Abu Dhabi community on Al Reem Island.
Source: Staff Report, gulfnews.com