Monday, November 13, 2017

Aldar's nine-month net profit surges to $506m

Aldar Properties, the leading property development company in Abu Dhabi, UAE, has delivered a strong underlying performance across the business for the first nine months with a net profit of Dh1.86 billion ($506 million) over last year.

Announcing its financial results for the nine months to September 30, Aldar said its total development sales surged to Dh2.4 billion.

For the last three months, the Emirati developer registered a net profit of Dh601 million ($163 million). its revenue for the period soared to Dh1.38 billion, while its gross profit hit Dh588 million.

Excluding one-off transactions in the third quarter of 2016, this represents underlying year-on-year revenue growth of 27 per cent and 38 per cent gross profit growth, it stated.  

Adar posted Dh604 million in development sales during the quarter while its total development sales surged to Dh2.4 billion in the nine months to September 30.

The underlying property development revenue rose 192 per cent to hit Dh493 million driven by revenue recognition of off-plan properties under development, said the Abu Dhabi developer in its statement.

It witnessed a steady performance of asset management portfolio with Dh360 million net operating income for Q3 and Dh1.12 billion year to date.

Commenting on the results, Chairman Mohamed Khalifa Al Mubarak, said: "Aldar has delivered another set of solid results. The exceptional response to our new development, Water’s Edge, launched at Cityscape Global, cements our reputation for delivering desirable destinations in Abu Dhabi."

"Our asset management business delivered a resilient performance during the quarter and we are pleased to be acquiring International Tower, a high-quality office building, further strengthening the portfolio. Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues," he added.  

During the quarter, Aldar launched its Dh2.4 billion, 2,255 home master-planned development, Water’s Edge, on the waterfront of Yas Island. The first phase was launched at Cityscape Global in September and fully sold in a matter of days.

Sales of homes at Water’s Edge, West Yas, as well a land plot sale, took the total value of development sales during the quarter to Dh604 million. This brings the value of total development sales for the first nine months of 2017 to Dh2.4 billion.

Apart from off-plan launches, construction is ongoing at Aldar’s eight remaining developments, which are at different stages of completion, said Aldar in its statement.

Ansam and Al Hadeel are on schedule to be handed over to customers at the end of the year while Nareel, West Yas and Al Merief are entering final stages of construction and are on track to be handed over in early 2018.

Following the construction contract award for The Bridges, Aldar has awarded Dh3 billion of construction contracts in the year to date, it stated.

The unprecedented reception by the market of The Bridges and Water’s Edge confirms there exists untapped demand for mid-market residential developments in Abu Dhabi. Supported by its extensive land bank, Aldar continues to assess opportunities to create communities which will further develop Abu Dhabi’s skyline.

The diverse portfolio of residential, retail, office and hospitality properties in Aldar’s asset management portfolio delivered yet another resilient performance.

It recorded Dh360 million net operating income in line with Q3 2016. Residential portfolio occupancy increased to 91 per cent, while occupancy was stable in the office portfolio at 92 per cent and at Yas Mall, which remained steady at 93 per cent. The hospitality portfolio recorded occupancy in the first nine months of 2017 of 76 per cent, outperforming the wider Abu Dhabi market of 68 per cent for the comparable period.

During the quarter, Aldar handed over Repton School, marking the third investment plan asset to be completed in this plan.

As part of its commitment to continuously assess opportunities for high-quality assets to grow recurring revenues, Aldar has signed a sales and purchase agreement to acquire International Tower. The transaction is expected to close in the fourth quarter. -TradeArabia News Service

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