Abu Dhabi’s Aldar Properties Q1 net profit up 14.1%

The firm has reported higher profits in nine of the preceding 10 quarters

Abu Dhabi’s Aldar Properties reported a 14.1 per cent rise in first-quarter net profit on Tuesday, maintaining its run of improving earnings.

The state-linked builder of Abu Dhabi’s Formula One circuit, which reported higher profits in nine of the preceding 10 quarters, made a profit attributable to equity holders of Dhs 649m ($176.7m) in the three months to March 31, according to its financial statement.

This compares with a profit of Dhs 568.7m in the prior-year period. SICO Bahrain had forecast Aldar would make a quarterly profit of Dhs 453.6m.

Aldar’s first-quarter revenue was Dhs 1.23bn, up from Dhs 1.18bn a year earlier.

The developer, in which state-owned fund Mubadala Development holds a minority stake, revised its earnings statement for the first quarter of 2015 after retrospectively adopting the IFRS 15 accounting policy, it noted in a separate statement to the Abu Dhabi bourse.