Abu Dhabi’s Aldar Properties Q2 net profit rises 18 per cent

Abu Dhabi’s Aldar Properties reported an 18 per cent rise in second-quarter net profit on Tuesday that it attributed to higher recurring revenues, better margins and lower finance costs.

The state-linked builder of Abu Dhabi’s Formula One circuit made a profit of Dh601 million in the three months to June 30, it said in a statement.

This compares with a profit of Dh509m in the corresponding period of 2014. It had reported higher profits in seven of the preceding eight quarters.

SICO Bahrain had forecast Aldar would make a quarterly profit of Dh514.6m.

Aldar’s second-quarter revenue was Dh1.11 billion. This was down from Dh2.19bn a year earlier.

The company said it repaid Dh1.1bn of debt in the second quarter, reducing its debts to Dh7.1bn after it collected Dh1.2bn in receivables from Abu Dhabi’s government and sales of land plots.

State-owned fund Mubadala Development Company owns 37.3 per cent of Aldar, according to Reuters data.


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