Abu Dhabi’s real estate developer Aldar Properties posts net profit of AED 641.0 mn in Q1 of 2017, Reuters reports.

Aldar recorded attributable net profit to shareholders of USD 174.0 mn in Q1, compared to USD 176.7 mn in the prior-year period, a company spokesperson says. Revenues grew by 26% y-o-y to AED 1.58 bn, the statement says.

Meanwhile, Aldar Properties has appointed Trojan General Contracting as the main contractor for the first three precincts of its Yas Acres flagship development on Yas Island. The total value of the contract is AED1.7 bn for a period of 32 months.