Leading Abu Dhabi developer, Aldar Properties, 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.
In a statement, the company, attributing the growth to off-plan development sales surge and a strong momentum in development sales, said nine-month gross profit grew six per cent to Dh2.05 billion compared to Dh1.94 billion in the same 2018 period as revenue for the period surged to 12 per cent to Dh5.03 billion from Dh4.48 billion in the same 2018 period.
Talal Al Dhiyebi, Chief Executive Officer of Aldar, said the developer’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. 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,” said Al Dhiyebi.
He said Aldar’s large portfolio of rental properties owned and managed by Aldar Investments is producing predictable income streams that provide the strong base for our dividend. “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,” said Al Dhiyebi.
