(MENAFN) Aldar Properties, the Abu Dhabi based developer has had its gross profits surge 9 percent for the three months to Sept period to hit USD173.6 million from last year's USD159 million, based on reports.
The increase was basically driven by growing repetitive incomes let alone higher development profits on new developments, and it's worth mentioning that incomes touched USD318 million for the cited period.
More on the matter, Solid cash flow generation, supported by Government of Abu Dhabi receivables, resulted in a closing unrestricted cash position of USD1.6 billion at the timeframe end.
"Aldar has delivered a solid performance in the third quarter by executing on our strategy to fully stabilize our recurring income portfolio and by bringing new quality developments to market," said Aldar's CEO.
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