Abu Dhabi’s Aldar Properties reported a 61 percent rise in fourth-quarter net profit on Thursday, beating an analyst forecast.
The state-run builder of Abu Dhabi’s Formula One circuit made a profit attributable to shareholders of Dhs696.3 million ($189.57 million) in the three months to Dec. 31, according to Reuters calculations based on a company statement.
This compares with a profit of Dhs432.6 million in the corresponding period of 2013.
SICO Bahrain forecast Aldar would make a quarterly profit of Dhs462.4 million.
Aldar’s fourth-quarter revenue was Dhs1.37 billion. This was up from Dhs1.33 billion a year earlier, according to Reuters calculations.
The company’s annual profit was Dhs2.24 billion in 2014, a bourse filing said. This compares with a profit of Dhs2.25 billion in 2013.
State-owned fund Mubadala Development Co owns 30 per cent of Aldar, Reuters data shows.
Aldar merged with rival Abu Dhabi developer Sorouh Real Estate in June 2013.