By: Amr Adel

Abu Dhabi – Mubasher: Aldar Properties’ sales in the first four months of 2017 reached around AED 1.6 billion, said the company’s chief development officer (CDO) Talal Al Dhiyebi.

Speaking at a press conference at Aldar’s headquarters in Abu Dhabi following the announcement of the developer’s financial results for the first quarter of 2017, Al Dhiyebi revealed that Aldar’s sales were mostly from its Nareel and West Yas projects, alongside some land plot sales.

The CDO further highlighted that the total sales of Aldar’s units from developmental projects reached AED 1 billion in Q1-17.

Earlier on Tuesday, Aldar reported AED 636.1 million in profits in Q1-17, down 2% year-on-year from AED 649.1 million in the year-ago period, despite a rise in revenues by 28.5% to AED 1.58 billion from AED 1.23 billion in Q1-16.

Aldar has completed around 60% of the West Yas project, Dhiyebi revealed, noting that the company expects to begin delivery sometime in the first nine months of 2018.

The company’s liquidity has increased significantly by the end of Q1-17 to between AED 6.6 billion and AED 7 billion, while its debt has remained stable at AED 5.6 billion, he added.

Meanwhile, Aldar’s chief financial officer (CFO) Greg Fewer said in a conference call that Aldar has a large portfolio of land which will enable it to launch more projects in the future.

Last month, Aldar launched its The Bridges project on Al Reem Island, which comprises six towers consisting of 1,272 residential units.

Aldar remains committed to its AED 3 billion-investment plan by 2020, which will help boost recurring revenues, Fewer added.

Translated by: Nada Adel Sobhi