Abu Dhabi, UAE — Aldar Properties reported a net profit of AED 1.3 billion ($353 million) in the second quarter of 2023 (Q2 2023), an increase of 52 percent driven by record development sales and strong contributions from its recurring income portfolio.
The value of revenues amounted to about AED 3.2 billion, representing an increase of 21 percent on an annual basis, the company said.
Aldar recorded AED 2.1 billion of net profits for the first half of 2023, an increase of 38 percent compared to the same period last year.
It also achieved revenues of AED 6.3 billion dirhams, an increase of about 18 percent. Additionally, the value of total profits in the first half of 2023 (H1 2023) amounted to about AED 2.7 billion, of which 1.4 billion amounted to Aldar’s total profits in Q2 2023.
Aldar reported a record development sale of AED 11.6 billion with 10 new project launches year-to-date.
Sustained increase in demand from both overseas and resident expat buyers underscores the continued appeal of Aldar’s offering and Abu Dhabi’s status as a premier investment and lifestyle destination, the reported stated, Aldar said.
Aldar recorded strong growth in development revenue backlog at AED 24.4 billion, driven by robust market demand providing revenue visibility over the coming four years.
Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, expressed his pleasure at Aldar’s strong financial performance. “Aldar continues to build on its formidable track record, capitalising on significant opportunities to deliver sustainable value to all our stakeholders,” he added.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, stated, “We look forward to launching our development franchise into Dubai and Ras Al Khaimah in the coming months, and deploying further capital to diversify our investment property platform”.