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FinancialNews
13-11-19
Abu Dhabi's Aldar's net profit increases by 14 percent in Q3
(MENAFN) Aldar Properties, a leading property development, management and investment company based in Abu Dhabi, reported a 14percent increase in its gross profit for the third quarter which rose to USD180 million from USD158 million.
Commenting on the results for the three-month period, Aldar said its revenue increased 7percent to USD435 million from last year's figure of USD408 million.
However, the group's net profit decreased 8percent to USD105.38 million from last year's USD114.36 million, due to higher non-recurring income in 2018, primarily from government reimbursement payments for completed infrastructure delivered by Aldar.
A key highlight during the period was the issuance of a USD500 million sukuk by Aldar Investments in mid-October which got six times oversubscribed and received strong demand from international investors.
MENAFN1311201900450000ID1099265842
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