Yas Mall is now 95 per cent leased ahead of the opening which is planned for November 21. Lee Hoagland / The National
Yas Mall is now 95 per cent leased ahead of the opening which is planned for November 21. Lee Hoagland / The National

Handovers at Abu Dhabi’s Gate Towers drive Aldar Q2 profit jump



Handover of residential units helped to increase profit at Aldar in the second quarter.

The Abu Dhabi developer’s net profit rose 12 per cent to Dh506 million compared with the first quarter this year. Compared with a year earlier, profit was 168 per cent higher when excluding one-time merger gains. Year-on-year revenue rose 74 per cent to Dh2.19 billion compared with a year earlier.

Aldar’s shares closed down 3.1 per cent at Dh3.65.

Net profit was below some analyst expectations.

“It has more to do with land sales – they did not have as much land sales as expected, as well as delivery of units, which might fluctuate quarter by quarter,” said Harshjit Oza, a property and banking analyst at Naeem Brokerage in Cairo. “I don’t see any catalyst for the stock, but Aldar will see benefits of new project launches [such as Yas Mall] and restructuring of balance sheet from next year.”

Aldar delivered 1,505 units during the quarter, according to Mr Oza, who has a “hold” recommendation on the shares.

Handover of apartments at Gate Towers on Reem Island and growth in residential leasing revenues, especially from the Al Rayyana development close to Abu Dhabi Golf Club, were drivers behind the growth, according to Aldar. About half of the retained residential units at the Gate Tower had been leased.

The company’s commercial portfolio is 86 per cent leased, up from 83 per cent in the previous quarter. It also sold B2 Tower, comprising 202 units, on Reem Island.

Retailers have committed to 95 per cent of shopping space at Yas Mall, which is scheduled to open in November. Among them are Chalhoub Group, which will operate a 200,000 square foot store, and a House of Fraser department store spread over 110,000 sq feet. The mall will also feature Abu Dhabi’s first Hamleys, a British toy store, and the UAE’s first Joe Fresh retail store.

“Looking ahead, we have made a strong start with the new development pipeline, with project launches that have opened up the Abu Dhabi off-plan sales market,” said Mohammed Khalifa Al Mubarak, the chief executive of Aldar Properties.

In April, Aldar launched three new residential developments – Ansam on Yas Island, Al Hadeel at Al Bandar on Al Raha Beach and Nareel Island off the corniche.

The developments have a combined gross value of Dh5bn. The units at Nareel Island are expected to be released in the next quarter.

“Aldar will probably focus more on the residential [sector], which is their core business and where there is a good demand from locals,” said Sebastien Henin, the head of asset management at The National Investor in Abu Dhabi. “Aldar should benefit from an increase in the yields of their investment property portfolio in the coming years and also from a gradual recovery of the demand on the development side.”

During the second quarter, the Abu Dhabi-listed company replaced Dh1.6bn of existing bank loans with new loans with a lower cost and longer maturities.

In May, it repaid a US$1.25bn bond with internal cash and Dh4bn in undrawn bank facilities, the company said.

Following its merger with Sorouh last year, Aldar has reduced its gross debt to Dh10bn, including a Dh1bn reduction this quarter, from Dh14.2bn.

It had cash reserves of Dh3.9bn at the end of June.

ssahoo@thenational.ae

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

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End of free parking

- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200. 

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

Results

2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar

3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar

4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash

4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash

5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi

6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy

FULL%20FIGHT%20CARD
%3Cp%3EFeatherweight%20Bout%3A%0D%20Abdullah%20Al%20Qahtani%20v%20Taha%20Bendaoud%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Ali%20Taleb%20v%20Nawras%20Abzakh%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Xavier%20Alaoui%20v%20Rachid%20El%20Hazoume%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Islam%20Reda%20v%20Adam%20Meskini%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Tariq%20Ismail%20v%20Jalal%20Al%20Daaja%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Elias%20Boudegzdame%20v%20Hassan%20Mandour%0D%3Cbr%3EAmateur%20Female%20Atomweight%20Bout%3A%0D%20Hattan%20Al%20Saif%20v%20Nada%20Faheem%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Maraoune%20Bellagouit%20v%20Motaz%20Askar%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Ahmed%20Tarek%20v%20Abdelrahman%20Alhyasat%0D%3Cbr%3EShowcase%20Featherweight%20Bout%3A%0D%20Mido%20Mohamed%20v%20Yazeed%20Hasanain%0D%3Cbr%3EShowcase%20Flyweight%20Bout%3A%0D%20Malik%20Basahel%20v%20Harsh%20Pandya%0D%3C%2Fp%3E%0A
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COMPANY%20PROFILE
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MATCH INFO

What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Health Valley

Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

UAE currency: the story behind the money in your pockets
Company%20profile
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800