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Aldar reports YOY decline in H1'17 net profit

Aldar Properties PJSC's net profit for the first half totaled 1.26 billion United Arab Emirates dirhams, down from 1.31 billion dirhams a year earlier.

Net profit for the second quarter also declined to 620 million dirhams, compared to 654 million dirhams in the same period a year ago.

Meanwhile, gross profit rose 5% to 1.29 billion dirhams from 1.23 billion dirhams in the first half of 2016, while revenue was unchanged from a year earlier at 2.93 billion dirhams.

During the reporting period, Aldar achieved sales totaling 1.8 billion dirhams across its developments, including a 600 million-dirham contribution from the launch of The Bridges, the 1.3 billion-dirham residential development on Reem Island, Abu Dhabi, launched in April.

Aldar was also appointed developer for the new media and entertainment free zone on Yas Island, a project valued at 1 billion dirhams, which forms part of a 12 billion-dirham government development on Yas Island.

As of Aug. 3, US$1 was equivalent to 3.67 United Arab Emirates dirhams.