UAE Business: Aldar Q1 profit up 25.5% to $187m – Gulf Digital News

UAE Business: Aldar Q1 profit up 25.5% to $187m – Gulf Digital News

Aldar Group has reported AED688 million ($187.31 million) in net profit in the first quarter of 2022, a year-on-year growth of 26.5 percent, according to its financial results released on Wednesday.

Revenues stood at AED2.68 billion in Q1 2022, a year-on-year growth of 31.5 percent, whereas gross profit reached AED1.12 billion, a growth of 44 percent, the company said.

Aldar’s strategic land bank for development expanded with a 6.2 million sq m plot acquired on Saadiyat Island during the second quarter. The group also reported strong liquidity position, with AED5.6 billion of free cash and AED4.9 billion of committed undrawn facilities.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said: "During the first quarter, Aldar not only delivered a strong financial performance, but we also diversified our sources of funding and scaled up our operational capabilities in preparation for further growth opportunities.

"We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the high potential market of Ras Al Khaimah through two acquisitions in retail and hospitality, further increasing our geographic footprint, having entered the Egypt market at the end of last year."

He added: "In the coming