Abu Dhabi developer Aldar Properties has reported growth in revenues and profits and has approved board changes that include the appointment of a new chairman and a new CEO.
For the board changes, Mohamed Khalifa al-Mubarak has become chairman – he was previously the company’s CEO, and Talal al-Dhiyebi has been promoted to CEO from his role as chief development officer.
The changes were approved at Aldar’s board meeting on 12 November. The board also appointed Abubaker Seddiq al-Khoori as vice chairman along with Waleed Ahmed al-Mokarrab al-Muhairi.
The board changes come as Aldar reports its financial results. During the third quarter the company reported revenues of AED1.38bn ($376m) with a gross profit of AED588m. The company says that if one-off transactions in third quarter of 2016 are excluded, it represents underlying year-on-year revenue growth of 27 per cent and 38 per cent gross profit growth.
Net profit for the third quarter was AED601m and for the first three quarters of the year it reached AED1.86bn.
Aldar made AED604m in development sales during the third quarter. Total development sales for the first three quarters were AED2.4bn.
Underlying property development revenues were up 192 per cent to AED493m driven by revenue recognition of off-plan properties under development.
Ahead of the Cityscape Global property exhibition in mid-September, Aldar launched a new AED2.4bn ($650m) mixed-use residential project on Yas Island. Known as The Water’s Edge, it will be made up of 13 residential apartment buildings.
Construction is ongoing at Aldar’s eight remaining developments, which are at different stages of completion. Ansam and Al Hadeel are on schedule to be handed over to customers at the end of the year while Nareel, West Yas and Al Merief are entering final stages of construction and are on track to be handed over in early 2018.
Following the award of the AED745m construction contract for The Bridges to the local Construction Group Contracting House, Aldar has awarded AED 3 billion of construction contracts in the year to date.
For asset management, Aldar says its portfolio produced AED360m of net operating income during the third quarter of this year and AED1.12bn so far this year.