ABU DHABI, -- Aldar Properties today announced its financial results for the third quarter of 2016, saying that its net profit increased 16 percent to AED737 million, up from AED638 million in Q3 2015.

Commenting on the Q3 2016 results, Mohamed Khalifa Al Mubarak, CEO of Aldar Properties, said, "Aldar's destination strategy continues to build momentum, with AED1 billion in off-plan sales during the third quarter and AED2.9 billion during the first nine months of 2016. We continue to see demand for high quality real estate in Abu Dhabi's prime locations. Our increasingly diverse buyer mix demonstrates we are bringing the right product, at the right price, in the right location and servicing previously untapped segments of the market where we see real demand.

"Gross Profit from our recurring revenue assets grew 4 percent year-on-year. We have a strong portfolio, which continues to demonstrate resilience and robust levels of occupancy, despite the softer economic backdrop. As such we believe our solid fundamentals on both the development business and recurring revenues business will allow Aldar to continue delivering long-term value for its shareholders."

Source: Emirates News Agency