Aldar’s development sales reach Dhs9.3bn in first nine months of 2022

Aldar’s development sales reach Dhs9.3bn in first nine months of 2022

Abu Dhabi-based Aldar announced a ninth consecutive quarter of record-breaking group sales, with year-to-date sales standing at Dhs9.3bn, surpassing FY2021 total group sales by Dhs2bn. The robust sales performance was driven by continued strong demand for existing inventory and new property launches in the UAE as well as sales in Egypt. The group’s development backlog stands at Dhs14.5bn. The group announced a net profit of 2.13bn for the nine-month period, ending September 30, registering a 38 per cent year-on-year growth. Revenue earned was Dhs8.07bn, a 28 per cent year-on-year rise. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) touched Dhs2.54bn, reflecting a 34 per cent year-on-year rise. Talal Al Dhiyebi, group CEO of Aldar Properties: “Having demonstrated strength and agility through various economic cycles, Aldar continues to accelerate its sustainable growth in a bullish UAE market, while creating long-term value for its shareholders. As such, we are intent on maintaining our pace of investment activity in the region, backed by our strong liquidity position and driven by our transformational growth strategy. We will also continue to activate our extensive land bank to sustain our elevated level of development sales, in line with the growth of off-plan sales to international and