Abu Dhabi-listed Aldar Properties' net profit jumped 57% to Dh3.3 billion in the first half.
The company's disclosure to the Abu Dhabi Securities Market today, Monday, indicated that profits before deductions recorded a 61% increase to 3.9 billion dirhams.
In the second quarter of this year, the company's profits before deductions amounted to 2 billion dirhams, a growth of 42%, while net profits after tax rose 37% to 1.8 billion dirhams.
The company's development project sales witnessed strong growth, achieving AED 14 billion during the first half, an increase of 21% year-on-year, supported by strong demand for new projects and existing inventory.
The company said that strong demand from international and resident buyers continued during this period of the current year, with their purchases amounting to AED 10.2 billion, or 79% of Aldar’s sales in the UAE during the first half.
In the first half of this year, the company's revenues amounted to about 10.9 billion dirhams, a growth of 73%, while the revenues of the second quarter amounted to 5.3 billion dirhams, a growth of 64%.
The cumulative revenues of development projects reached a record level of AED 39 billion, in addition to recording the highest revenues in the UAE at AED 33.2 billion, which bodes well for revenue growth over the next two to three years.
Continued strong revenue collections coupled with Aldar’s growing portfolio of new projects set to launch will drive future sales growth, while investment in replenishing the diversified and strategic land bank will provide a solid foundation for further development.
It stated that it has made a strategic entry into the commercial real estate sector in Dubai within a strategic investment plan worth AED 1.8 billion, with the development of a luxury office tower with a net leasable area of 88,000 square meters on Sheikh Zayed Road and the acquisition of the newly completed premium modern office building 6 Falak in Dubai Internet City.
