Aldar Properties on Monday reported a third quarter net profit of AED601 million ($163.6 million) on revenue of nearly AED1.4 billion ($380 million).
The Abu Dhabi-based developer said year-on-year revenue growth was 27 percent but did not provide a comparison for net profit, only saying gross profit rose by 38 percent.
The company added in a statement that it saw AED604 million in development sales during the quarter – with total development sales of AED2.4 billion in the nine months to the end of September.
Underlying property development revenue was up 192 percent to AED493 million driven by revenue recognition of off-plan properties, it noted.
Mohamed Khalifa Al Mubarak, chairman, of Aldar Properties, 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.
"Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues.”
During the quarter, Aldar launched its AED2.4 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.
Aside from off-plan launches, construction is ongoing at Aldar’s eight remaining developments, which are at different stages of completion, Aldar added.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.