Aldar reports 28% YoY rise in net profit to $688.8mn in Q4 2020 – MEP MiddleEast

Aldar reports 28% YoY rise in net profit to $688.8mn in Q4 2020 – MEP MiddleEast

Abu Dhabi-based real estate developer Aldar Group has bucked the trend for net losses and the year-on-year drop in profits – which other UAE-based real estate developers have revealed -- by reporting a 17% year-on-year (YoY) rise in its revenue to $2.28bn (AED8.39bn), and a marginal 0.4% increase in net profit to $525.45mn (AED1.93bn) for FY2020, despite the negative fallout of the COVID-19 pandemic.

The real estate developer is set to manage and deliver $13.61bn (AED50bn) worth of projects over the next three to five years, with $10.89bn (AED40bn) in recent agreements with the Abu Dhabi government.

In Q4 2020, Aldar Group's revenues in rose 19% YoY to $688.8mn (AED2.53bn), while it recorded a 28% YoY increase in net profit to $198.5mn (AED729mn) in Q4 2020.

Commenting on Aldar Group's results, the chairman of Aldar Properties, Mohamed Khalifa Al Mubarak, said: “Abu Dhabi has successfully navigated the considerable challenges of the global pandemic and is now moving into recovery.  A rapid and globally pioneering approach to promoting health and safety has been backed by the emirate's financial strength and the Government's proactive support of our communities.

“The effective combination has underpinned the long-term fundamentals of the economy and sustained investor confidence in the real