Abu Dhabi’s largest property developer Aldar Properties reported a 41 percent rise in third-quarter net profit on Thursday, beating analyst forecasts.
The builder of Abu Dhabi’s Formula One race circuit made a profit of AED584 million ($159 million) in the three months ending September 30, compared with AED413 million in the corresponding period in 2013, it said in a statement on the bourse.
SICO Bahrain and HSBC had expected Aldar to make quarterly profit of AED382.6 million and AED441.9 million respectively.
Revenue for the quarter was AED1.37 billion, up 17 percent, the statement added.
Commenting on the results, Mohammed
Khalifa Al Mubarak, CEO of Aldar Properties, said: “This has
been a strong quarter that clearly demonstrates the effectiveness of our
strategy. Our recurring revenue assets continue to grow, especially with
Yas Mall coming on stream and we are well on our way to achieving our recurring
income target. This will help smooth out bottom line earnings and
underpin our business as we commence a new wave of development projects, which
include those announced earlier in the year and a number to be launched over
the coming quarters.”
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