Aldar Properties’ first-quarter profit jumps 23% on record sales – The National

Aldar Properties’ first-quarter profit jumps 23% on record sales – The National

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 23 per cent jump in its first-quarter profit, as revenue climbed on the back of record property sales amid continued recovery of the UAE’s property market and expansion of its business.

Net profit attributable to equity holders of the parent for the three months to the end of March climbed to Dh668 million ($182m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue surged 31.5 per cent to Dh2.68 billion.

Group development sales for the reporting period doubled to a record Dh2.2bn, driven by the inclusion of Egypt’s Sixth of October for Development and Investment Company's (Sodic) strong first-quarter performance and continued momentum in Abu Dhabi’s real estate market.

Last year, a consortium of Aldar and one of the region’s biggest holding companies, ADQ, acquired a majority stake in Egypt’s Sixth of October for Development and Investment Company for 6.1bn Egyptian pounds ($386.8m).

“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,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said.

“We