Aldar's Q3 net profit declines 20% year-on-year due to one off-off land sales last year

Aldar Properties, Abu Dhabi's biggest publicly-traded real estate developer, said its third quarter profit fell 20 per cent, as gains from property sales made in the same quarter last year were not repeated.

Net profit attributable to equity owners of the company fell to Dh597.8 million in the three months ended September 30 compared to Dh747.8m in the same period last year. Revenue fell 27 per cent to Dh1.38 billion in the quarter from Dh1.89bn.

Excluding those one-off gains made in the third quarter of 2016, the company saw a 27 per cent gain in year-on-year revenue growth during the quarter. The company also had Dh604 million in development sales in the period, which included the complete sale of the first phase of homes at the company's new residential project Water's Edge on Abu Dhabi's Yas Island.

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Aldar Properties plans more affordable housing schemes next year

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"Aldar has delivered another solid set of results," said Mohamed Al Mubarak, chairman of Aldar Properties.

"The exceptional response to our new development, Water's Edge, launched at Cityscape Global, cements our reputation for delivering desirable destinations in Abu Dhabi. Aldar continues to assess the market for other attractive acquisition opportunities in line with our commitment to drive growth of long-term recurring revenues."

The Egyptian investment bank EFG-Hermes said that the real estate developer's net profit didn't meet its expectation, coming in 5.1 per cent below its forecast, while revenue came in 1.4 per cent below its prediction.

"Contracted sales for the quarter came in at Dh604m, in line with our estimates; sales were dominated by unit sales in the Water's Edge community (West Yas) and sale of a land plot," said Mai Attia, an analyst the Egyptian investment bank EFG-Hermes.

"Occupancy rates for the residential portfolio rose for the first time since the first quarter of 2016, after stabilizing last quarter, while occupancy for the office and retail portfolio were stable. Revenue and gross profit figures from the investment portfolio were almost flat year-on-year, which we view positively, given the soft conditions in the Emirate's rental market."

Average residential rents in Abu Dhabi dropped 11 per cent year-on-year in the third quarter of 2017 because of challenging economic conditions, according to figures from real estate broker CBRE released last month.

Aldar has said that it is planning to launch at least one large affordable housing scheme next year, as it continues to build its portfolio of offerings to middle-income investors and end-users, banking on revived demand for mid-market properties.

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Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

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Manchester City (0) v Liverpool (3)

Uefa Champions League, quarter-final, second leg

Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD

The UN General Assembly President in quotes:

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REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”