By Akanimo Sampson
For the first quarter of this year, Aldar Properties posted $148 million (AED544m) in net profit, thus recording a growth of 80% year-on-year.
The company stated in a stock market missive that its revenue increased 16% year-on-year to $544 million (AED2bn), driven by a strong increase in property development sales and a ramp-up of the project management business.
Gross profit rose 11% year-on-year to $211million (AED776m), with a significantly higher contribution from Aldar Development. Aldar recorded a one-off gain related to completion of the previously announced transaction with ADQ while fair value adjustments on investment properties decreased from a year earlier.
Commenting on the company’s financial performance, Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said: “We have achieved a strong start to the year across Aldar’s diversified businesses, as our new operating model delivers growth and efficiency.
Aldar Development’s strong quarter in sales demonstrates a return of consumer confidence and our ability to meet growing demand among a range of buyers, with expatriate residents and other foreign investors accounting for an increasing proportion of residential purchases.
We will continue to capitalise on the strong demand momentum with exciting new launches.
Aldar Investment produced a resilient performance despite the impact of the global pandemic on tourism focused assets and is testament to the value of active asset management, cost efficiency initiatives and the strength of our diversified portfolio.”
