Abu Dhabi: Abu Dhabi-based Aldar Properties on Thursday reported net profit of Dh584 million for the third quarter in 2014, an increase of 41 per cent compared with Dh413 million in the third quarter of 2013, the company said in a statement. This was supported by growth in profitability of the recurring revenue assets and Yas Mall valuation following its completion.
Aldar stated that the third quarter revenues were up 17 per cent to Dh1.37 billion from Dh1.17 billion in the third quarter of 2013 primarily supported by the sale of B2 Tower in Marina Square in Al Reem Island, handover of units at Gate Towers and increased recurring revenue streams.
The recurring revenue in the third quarter rested at Dh526 million, reflecting an increase of 12 per cent over the same period compared last year, which was Dh471 million, primarily driven by strong leasing activity at Al Reyanna and The Gate Towers.
Mohammad Khalifa Al Mubarak, chief executive officer of Aldar Properties, said in a statement that this has been a “strong quarter, clearly demonstrating the effectiveness of our strategy”. He added: “Our recurring revenue assets continue to grow, especially with Yas Mall coming on stream and we are well on our way to achieving our recurring income target.”
The company also announced the successful rental completion of 50 per cent of residential units in Burj Mohammad Bin Rashid, the tallest tower in Abu Dhabi.
