Despite a drawback in the Abu Dhabi property market, state0affiliated builder of Abu Dhabi’s Formula One circuit, Al Dar Properties, saw a 9.7% increase in net profit in its second quarter of 2016, The National reported.
Al Dar’s net profit registered at AED 675.4 million, compared to last year’s AED 599.2 million, surpassing the profit levels forecasted by investment bank SICO Bahrain, Reuters reported.
The company said their sales exceeded AED 1 billion, which was a result of AED 940 million of off-plan property sales of the 1,315 villa Acres project, and the 800 apartment Mayan scheme. Additionally, AED 90 million in sales came from the Yas project.
Al Dar also announced that 1,500 homes are in the works, despite the decline in the Abu Dhabi housing market due to the low oil prices.