Abu Dhabi's Aldar Q3 revenue jumps, sees growth in property market - Reuters:
Abu Dhabi’s Aldar Properties said on Tuesday its revenue for the third quarter rose 7% to 1.6 billion dirhams ($435.6 million), as it recorded more sales of properties before they were built.
Off-plan development sales surged 272% to 1.1 billion dirhams, the company said, adding that it was optimistic about the country’s property market, supported by new visa rules for investors, the government’s fiscal stimulus package, and reforms to diversify the economy away from oil.
“It is very much a growth story for Aldar,” the company’s chief financial officer, Greg Fewer, told a post-earnings call. “The core business is growing quite nicely.”
The company reported a blip of 8% in its net profit for the third quarter to 387 million dirhams from a year ago, when it had recorded a higher non-recurring income from government infrastructure projects.
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