Abu Dhabi-based property development and management company Aldar Properties announced a 16% gain in net profits in the third quarter of 2016 compared to the same period in 2015, according to a statement on Tuesday.

Aldar’s net profit for Q3 reached AED 737 mn while revenues of AED 1.9 mn and a gross profit of AED 883 mn both mark a 61% year-on-year increase. The company reported this reflected the successful handover of land plots during the quarter.

Other notable developments include quarterly off-plan development sales of AED 1 bn and a total value of awarded contracts for the first nine months of 2016 of AED 2.9 bn.

The company also announced occupancy rates of well above 90% across its portfolio with the exception of the hotel portfolio which recorded an occupancy rate of 76% which is still ahead of the wider Abu Dhabi market, stated Aldar.