UAE’s Aldar reports Dhs688m net profit in Q1 2022

UAE’s Aldar reports Dhs688m net profit in Q1 2022

Aldar Group has reported Dhs688m in net profit in the first quarter of 2022, a year-on-year growth of 26.5 per cent. Revenues stood at Dhs2.68bn in Q1 2022, a year-on-year growth of 31.5 per cent, whereas gross profit reached equalled Dh1.12bn, a growth of 44 per cent. Aldar’s land bank for development expanded with a 6.2 million square metre plot acquired on Saadiyat Island during the second quarter. The plot has been earmarked for a mixed-use development project. The group also reported Dhs5.6bn of free cash and Dhs4.9bn of committed undrawn facilities, official news agency WAM reported. 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.” Earlier this year, Aldar