Abu Dhabi’s Aldar Properties posts 22% jump in Q1 2023 profit

Abu Dhabi’s Aldar Properties posts 22% jump in Q1 2023 profit

Abu Dhabi’s Aldar Properties posted a 22 per cent increase in Q1 2023 net profit to $228m (Dhs836m), driven by robust demand from both international and resident expat buyers, with record quarterly development sales of Dhs4.5bn. The property developer’s revenues surged by 14 per cent to Dhs3.1bn in Q1 2023, compared to Dhs2.7bn during the same period a year earlier. Aldar said its revenue backlog hit a record Dhs18.8bn which provides visibility over the next two to three years. Aldar Development achieved property sales rose by 105 per cent to Dhs4.5bn, the property firm’s highest-ever quarterly sales while its revenues increased by 8 per cent year-on-year (YoY) to Dhs1.9bn. Egypt’s SODIC contributed Dhs177m to the company’s Q1 2023 revenue with earnings before interest, taxes, depreciation and amortisation (EBITDA) standing at Dhs3m. The property firm’s investment unit, Aldar Investment, reported revenues of Dhs1.2bn in the first three months of the year, up 45 per cent compared to the same period last year. The unit said its EBITDA reached Dhs536m, up 43 per cent during the same period in 2022. The performance of Aldar Investment, which has Dhs32bn assets under management, was attributed to higher occupancy rates, strong rental rates and contributions