Aldar Properties records higher revenues in Q3 2019
- Q3 revenues increased 7% on year to AED 1.6 billion
- Net profit for the quarter declined 8% on higher non-recurring income in 2018
Aldar Properties reported revenues of AED 1.6 billion in the third quarter of the year, an increase of 7% compared to the same period a year ago.
However, net profit for the period slipped 8% to AED 387 million on higher non-recurring income in 2018, primarily from government reimbursement payments for completed infrastructure delivered by Aldar.
For the first nine months of the year, revenues rose 12% to AED 5 billion whilst net profit declined 12% to AED 1.3 billion.
Commenting on the results, Talal Al Dhiyebi, CEO, Aldar Properties, said, “Aldar’s customer-centric business model continues to deliver sustainable, broad-based growth. Development sales have seen strong momentum this year following the successful launch of new projects.”
Off-plan sales recorded strong growth driven by the successful launches this year of Lea and Alreeman II as well as sales on existing projects under development, including Yas Acres. In the third quarter, off-plan development sales jumped 272% on year to AED 1.1 billion and for the nine months of the year they were up 128% at AED 3 billion.
“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,” Al Dhiyebi said.
Al Dhiyebi expects an upward trend in the market helped by government-led initiatives to attract investors.
“Overall, government policies are building momentum and positive sentiment in the Abu Dhabi economy that are meaningfully contributing to Aldar’s growing pipeline of business,” he added.
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