Aldar Properties profit rises 8% as development business outperforms | Reuters

Aldar Properties profit rises 8% as development business outperforms | Reuters

Aldar Properties ALDAR.AD, Abu Dhabi's biggest property firm, posted an 8% rise in third-quarter net profit, helped by strong sales of completed residential units and income from its third-party development management business.

Aldar recorded a net profit of 416 million dirhams ($113.27 million) in the quarter ended Sept. 30, up from 387 million dirhams a year earlier, it said in an announcement late on Wednesday.

Sales of high-end development projects and strong cash collection for projects being handed over helped double Aldar’s revenue from its development business, which is set to take over more than 30 billion dirhams worth of Abu Dhabi government capital projects. [nD5N2FS00U]

“Aldar’s diversified business is performing well this year and we are in a robust financial position, driven by strong cash generation,” Chief Financial Officer Greg Fewer said on an earnings call on Thursday, adding that Aldar would assess acquisition opportunities, particularly in its home market, but declined to provide further details.