Aldar Properties Group announced that its net profit rose to AED1.53 billion ($0.42billion) in the first half of 2022, representing a year over year (y-o-y) increase of 44 percent.
The company’s net profits amounted to AED841 million during second quarter of this year, representing a y-o-y increase of 62 percent.
Group sales rose to a record level of AED5.33 billion for H1 2022, driven by strong domestic and international demand for existing inventory, the launch of new properties in the UAE, in addition to strong sales of SODIC company.
Aldar is delivering on its transformational growth strategy with over AED 11 billion announced transactions in H1 2022 across logistics, commercial, retail, and hospitality sectors, as well as geographic expansion.
Furthermore, AED 5 billion of further equity capital to be deployed over the next 12 months.
Landmark US$1.4 billion transaction with Apollo Global Management provides significant firepower to strengthen and accelerate long-term growth.
Acquisition of a 6.2 million square meter land plot on Saadiyat Island bolsters Aldar’s land bank for future development.
Aldar maintains significant ramp-up of the fee-based business with projects backlog of AED 57.6 billion.
Acquisition of Abu Dhabi Global Market (ADGM) office towers for AED 4.3 billion – one of the largest real estate transactions in the UAE.
It is in addition to strong liquidity position with AED 6.0 billion of free cash and AED 4.9 billion of committed undrawn facilities, saw Aldar net profit increase in H1 2022.