November 13, 2017 / 6:13 AM / a year ago

Abu Dhabi's Aldar Proprties' Q3 net profit drop by almost a fifth

DUBAI, Nov 13 (Reuters) - Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, reported a nearly 20 percent decline in third-quarter profit.

The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the United Arab Emirates.

Aldar also announced management changes, appointing its chief development officer Talal al-Dhiyebi as the new chief executive officer and named the current CEO Mohamed Khalifa al-Mubarak as its new chairman.

Aldar made a net profit of 601 million dirhams ($163.64 million) in the three months to September 30, compared to 747.8 million dirhams in the prior-year period. SICO Bahrain and EFG Hermes had forecast Aldar would make a quarterly a profit of 590.9 million dirhams and 630.0 million dirhams respectively.

The property firm said it will acquire office building International Tower and will continue to assess the market for other attractive acquisition opportunities.

$1 = 3.6728 UAE dirham Reporting by Saeed Azhar; Editing by Tom Arnold

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