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

SourceMEP Middle East
SectorReal Estate

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 more...