Abu Dhabi developer Aldar Properties has reported an 18.45 per cent decline in third quarter profit year-on-year.
The company’s net profit declined from Dhs737m ($200m) in Q3 of last year to Dhs601m ($163.6m) in Q3 of 2017.
Revenue was also down 27 per cent compared to the same period in 2016, from Dhs1.9 ($517.2m) to Dhs1.38 ($375.7m), but up 27 per cent excluding one-off transactions the previous year.
The company said in February it was expecting lower sales in 2017 amid a slowdown in the emirate’s property market linked to job losses and lower housing allowances.
Property consultancy Asteco said in its third quarter report that apartment and villa sales prices were down 10 per cent and 6 per cent year-on-year respectively.
Aldar’s net profit also declined 5.6 per cent in the second quarter.
In a seperate announcement, Aldar said it had appointed chief development officer Talal Al Dhiyebi as its new CEO. He replaces Mohamed Khalifa Al Mubarak, who has been appointed chairman.
“Our asset management business delivered a resilient performance during the quarter and we are pleased to be acquiring International Tower, a high-quality office building, further strengthening the portfolio. Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues,” said Al Mubarak.
The company has awarded Dhs3bn ($816.7m) of construction contracts in the year-to-date.