Abu Dhabi-based Aldar Properties recorded a net profit increase of 16 per cent in the third quarter of this year, according to a company statement.

Aldar’s net profits reached AED737m ($200m) in the reported period, compared with AED638m in the same period last year.

“Aldar’s destination strategy continues to build momentum, with AED1bn in off-plan sales during the third quarter and AED2.9bn during the first nine months of 2016,” says Mohamed Khalifa al-Mubarak, CEO of Aldar Properties. "We continue to see demand for high-quality real estate in Abu Dhabi’s prime locations.”

Earlier in August, Aldar also refinanced AED1.8bn of bank loans that were due to mature in 2018.

Three local and international banks agreed interest-only loans with five, seven and 10-year tenors.

Aldar’s debt maturity profile now averages four years.

US-based Standard & Poor’s upgraded Aldar’s long and short-term issuer rating from BBB-/A-3 to BBB/A-2. It cited the developer’s improving operating performance. Recurring income from Aldar’s rental portfolio has strengthened its financial and risk profile.