Aldar Properties’ Q2 2023 profit jumps 52% to Dhs1.3bn

Aldar Properties’ Q2 2023 profit jumps 52% to Dhs1.3bn

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Abu Dhabi’s Aldar Properties posted a 52 per cent increase in Q2 2023 net profit to $354m (Dhs1.3bn) from Dhs842m a year earlier, driven by record development sales and strong contributions from its recurring income portfolio.

The property giant’s development sales hit a record Dhs11.6bn in the three months to June 30, with 10 new project launches a year to date (YTD), surpassing the number of launches last year. Aldar, said in a bourse filing, that the record sales mark the highest-ever quarterly and half-yearly sales, thanks to the strong demand from a growing vein of overseas and resident expat buyers in the UAE.

Aldar Development’s revenues in the second quarter of 2023 surged by 12 per cent year-on-year (YoY) to Dhs2bn with earnings before interest, taxes, depreciation and amortisation (EBITDA) standing at Dhs715m, up 43 per cent YoY. The company attributed the revenue growth to construction progress and continued development backlog revenue recognition.

“Project management services backlog of Dhs61bn demonstrates the long-term and perpetual nature of the franchise with Dhs2.2bn in new projects awarded year-to-date (YTD),” Aldar said in a statement.

The company said total sales from its UAE operations reached Dhs6.4bn in Q2 2023, up 156