Abu Dhabi real estate developer says underlying revenue excluding one off gain rises 27%
Aldar's Q3 net profit declines 20% year-on-year due to one-off land sales last year
Aldar Properties, Abu Dhabi's biggest publicly traded real estate developer, said its third quarter profit fell 20 per cent as gains from property sales made in the same quarter last year were not repeated.
Net profit attributable to equity owners of the company fell to Dh597.8 million in the three months ended September 30 compared to Dh747.8m in the same period last year. Revenue fell 27 per cent to Dh1.38 billion in the quarter from Dh1.89bn in the corresponding period last year.
Excluding those one-off gains made in the third quarter of 2016, the company saw a 27 per cent gain in year-on-year revenue growth during the quarter. The company also had Dh604 million in development sales in the period that included the complete sale of the first phase of homes at the company's new residential project Water's Edge.
"Aldar has delivered another solid set of results," said Mohamed Al Mubarak, chairman of Aldar Properties.
"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."