Abu Dhabi’s Aldar Properties posts 52% jump in Q2 profit

Abu Dhabi’s Aldar Properties posts 52% jump in Q2 profit

DUBAI - Abu Dhabi's Aldar Properties reported a 52% rise in second-quarter profit on Monday, driven by record development sales and strong contributions from its recurring income portfolio.

The builder of Abu Dhabi's Formula One motor racing circuit reported a net profit of 1.3 billion dirhams ($354 million) for the three months to June 30, up from about 842 million a year earlier.

Development sales hit a record 11.6 billion dirhams, with 10 new project launches year to date, surpassing the number of launches last year, Aldar said.

($1 = 3.6730 UAE dirham)

(Reporting by Hadeel Al Sayegh; editing by Jason Neely)

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