Aldar Properties (Aldar) reported its financial results for 3Q16. Revenue came in at AED1.9bn (+61.4% Y-o-Y, +11.9% Q-o-Q, EFGe: -0.7%). Gross profit was AED883mn (+61.3% Y-o-Y, +27.5% Q-o-Q), translating into a gross profit margin of 46.5% (-4bps Y-o-Y, +567bps Q-o-Q). Net income was AED747.8m (+17.9% Y-o-Y, +13.8% Q-o-Q, EFGe: +9.6%). The growth in revenue was driven by higher revenue from property development and sales (AED981mn in 3Q16, +331% Y-o-Y, +25% Q-o-Q, -2% vs. EFGe), bringing the contribution of the segment to revenue to 52% (3Q15: 19%, 2Q16: 46%). Revenue in 9M16 was AED4.8bn (+39.5% Y-o-Y), gross profit was AED2.2bn (+29.2% Y-o-Y), translating into a GPM of 43.9% (-349bps Y-o-Y), while net income was AED2.1bn (+14.0% Y-o-Y).   Off-plan development sales amounted to AED1bn in 3Q16, driven by sales at Yas Acres and Mayan, which brings total off-plan sales to cAED2.9bn in 9M16. Operational metrics for the investment portfolio continued to be strong in 3Q16, with Yas Mall occupancy rate at 96%, residential portfolio occupancy rate at 94%, office: 95% and hotels: 76% (1H16 for hotels). (Company disclosure, Mai Attia, Sara Boutros)   Aldar Properties: AED2.61 as of 7 November 2016, Rating: Buy, FV: AED3.46/share, MCap: USD5,592mn, ALDAR UH / ALDR.AD