Aldar Properties a leading Abu Dhabi developer, reported a 14 per cent year-on-year increase in gross profit to Dh662 million in the third quarter of 2019 on the back of a seven per cent surge in revenue to Dh1.60 billion from Dh1.50 billion in Q3 2018. Compared to last year there is an apparent hike of 7% of profit.
Revenue of the company in the first nine months of the year was also up 12 per cent compared to last year, with the group announcing total revenue of Dh5 billion. Company ascribe the net profit drops on higher non-recurring income in 2018, primarily from government repayments for completed infrastructure delivered by Aldar.
“Development sales have seen strong momentum this year following the successful launch of new projects. Robust demand from end users for our off-plan developments and infrastructure-enabled land plots is a positive sign for the Abu Dhabi real estate market and the wider economy,” Robust demand from end users for our off-plan developments and infrastructure-enabled land plots is a positive sign for the Abu Dhabi real estate market and the wider economy. Our large portfolio of rental properties owned and managed by Aldar Investments is producing predictable income streams that provide the strong base for our dividend “said Al Dhiyebi. Talal Al Dhiyebi, Chief Executive Officer of Aldar.
Abu Dhabi government awarded Aldar Dh5 billion worth of construction projects across several key Abu Dhabi areas and landmarks in July 2019. These include a Dh2 billion project to develop the development of Al Falah housing community on behalf of the government, adding 899 new villas to the community’s existing 4,898 villas; a Dh1 billion project to develop twofour54’s new campus that will ultimately house 10,000 professionals on Yas Island; and a of infrastructure works on Saadiyat Island worth Dh 2 billion.