UAE-based Aldar Properties reported a 26 percent rise in its Q1 2022 net profit to 688 million dirhams ($187 million) compared to the previous corresponding period.
The firm said in a bourse filing that its revenue grew 32 percent to 2.68 billion dirhams.
In a statement, Aldar said its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Aldar Investment Properties issued AED 1,836 million (US$500 million) Subordinated Perpetual Notes to Apollo Global Management 1.
The subordinated perpetual notes are part of Apollo’s AED 5.14 billion (US$1.4 billion) strategic investment into Aldar’s transformational growth initiatives announced in February 2022 – representing one of the largest ever foreign direct investments into Abu Dhabi’s private sector, the statement said.
The company said it made an AED 1 billion commitment to expand Aldar Education’s portfolio and entry into Ras Al Khaimah (RAK) market through AED 410 million acquisition of Al Hamra Mall in Q1.
Early in the second quarter, acquired AED 770 million Rixos Bab Al Bahr luxury resort in RAK and launched a logistics real estate vertical with the acquisition of Abu Dhabi Business Hub.