·
AED
1 billion of development sales during quarter
·
AED
3 billion investment programme to grow recurring revenues now fully committed
·
AED
402 million net operating income from recurring revenue assets during quarter
Abu Dhabi, 09 May 2017: Aldar Properties PJSC
(“the Company”), Abu Dhabi's leading listed property development, investment and
management company, today announced a 39% increase in Gross Profit to AED 753
million for the first quarter ended 31 March 2017, up from AED 542 million in Q1
2016.
Q1 Financial
highlights:
·
Revenue grew 28% to AED 1.58 billion,
driven by revenue recognition on developments under construction and land plot
sales
·
Development sales of AED 1 billion
·
Q1 recurring revenue net operating
income of AED 402 million
·
Net profit during the quarter of AED
641 million
Development
business highlights:
·
Total development sales value of AED 1
billion, led by West Yas, land plot sales and Al Nareel
·
All developments remain on track –
Ansam, Al Hadeel and Al Nareel set for handover in 2017
·
AED 2.3 billion of construction
contracts awarded year to date at Yas Acres and Mayan
·
In April, Aldar launched The Bridges, a
six tower mid-market development including 1,272 units. Three towers will form part of the recurring
revenue investment plan while the remaining three have been launched for sale
and subsequently sold out.
Asset
Management business highlights:
·
Yas Mall maintained strong trading
occupancy with 95% units trading as at 31 March 2017
·
Residential and office portfolio
occupancy: 90% and 95% respectively as at 31 March 2017
·
Hotel portfolio occupancy for Q1 2017: 84%,
ahead the of wider Abu Dhabi market occupancy figure of 76%
·
AED 1.9
billion committed to investment programme during the quarter with four new
assets announced – AED 3 billion now fully committed
Commenting on the results, H.E. Mohamed Khalifa Al Mubarak, CEO of
Aldar Properties, said:
“Demand for our high quality products
in our key destinations has resulted in a robust performance this quarter. We
delivered a 39% increase in Gross Profit and AED 1 billion in development
sales.
“Looking forward, our fully committed AED
3 billion investment programme paves the way for future growth in recurring
revenues. Our latest development, The Bridges, sold out in three weeks
demonstrating real demand for the right product at the right price.
“There is strength in the Abu Dhabi
market.”
