Aldar Properties (Aldar) has reported its financial results for 2Q16. Revenue was AED1.70bn (+53.5% Y-o-Y, +37.7% Q-o-Q). Gross profit was AED693mn (+40.6% Y-o-Y, +28.1% Q-o-Q), translating into a gross profit margin of 40.9% (-375bps Y-o-Y, -305bps Q-o-Q). Net income was AED657m (+9.7% Y-o-Y, +1.3% Q-o-Q). The growth in revenue was driven by higher revenue from property development and sales (AED784mn in 2Q16, +168% Y-o-Y, +181% Q-o-Q), bringing the segment’s contribution to revenue to 46% (2Q15: 26%, 1Q16: 23%). Revenue from investment properties was AED425mn (+5% Y-o-Y, -4% Q-o-Q), with its contribution to revenue dropping to 25% (2Q15: 37%, 1Q16: 36%). GPM for the property segment was 40% (2Q15: 75%, 1Q16: 30%), while for the investment property segment it was 85% (2Q15: 73%, 1Q16: 77%).   Off-plan development sales exceeded AED1bn in 2Q16, driven by sales at Yas Acres and Mayan (AED940mn) and West Yas (AED90mn), which brings total off-plan sales to cAED1.9bn in 1H16. Operational metrics for the investment portfolio continued to be strong in 2Q16, with Yas Mall occupancy rate at 98%, residential portfolio occupancy rate at 96%, office: 95% and hotels (in 1H16): 76%.   Revenue in 1H16 was AED2.9bn (+28.2% Y-o-Y), gross profit was AED1.2bn (+13.1% Y-o-Y), translating into a GPM of 42.1% (-562bps Y-o-Y), while net income was AED1.3bn (+11.9% Y-o-Y). Similar to the 1Q16 trends, the contribution from the property development and sales segment rose to 36% (1H15: 28%), while that from investment properties fell to 30% (1H15: 35%). GPM for the property development segment was 37% (1H15: 54%), while for the investment properties it rose to 81% (1H15: 74%). (Company disclosure, Mai Attia, Sara Boutros)