Aldar ‘actively’ seeks acquisitions as it reports 11% jump in third-quarter profit – The National

Aldar ‘actively’ seeks acquisitions as it reports 11% jump in third-quarter profit – The National

Aldar Properties is "actively" seeking acquisition opportunities in the UAE, as Abu Dhabi’s biggest listed developer reported an 11 per cent jump in its third-quarter profit on the back of record quarterly development sales amid a continued recovery in the emirate's property market.

Net profit attributable to owners of the company for the three-month to the end of September climbed to Dh473 million ($128.84m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Provisions, impairments and writedowns dropped 44 per cent during the period to Dh30.8m, boosting the company's profitability.

The company recorded development sales worth Dh2.69 billion in the quarter, boosting year-to-date total sales to Dh6.14bn.