The financial statements of the UAE Aldar Real Estate Company revealed that the net profit of the group in the third quarter of this year increased by 27% on an annual basis, to reach 601 million dirhams, while the company’s profits increased from the beginning of the year to date by 38% to 2.13 billion dirhams.
According to the company’s statement, which was reviewed by (Namazon) today, Thursday, the revenues of the Emirati house in the third quarter of this year amounted to 2.71 billion dirhams, an increase of 30% year-on-year, while the group’s revenues increased from the beginning of the year to date by 28% to reach 8.07 billion dirhams.
The Emirati house said in the statement that the group succeeded in achieving record sales for the ninth consecutive quarter, with sales amounting to 9.3 billion dirhams since the beginning of the year to date, an increase of 2 billion dirhams over its total sales for the entire fiscal year 2021. This was driven by the continued strong demand for the current inventory New real estate launches in the UAE, in addition to strong sales in Egypt. The volume of development projects under implementation amounted to 14.5 billion dirhams.
In the statement, the Emirati Aldar indicated that the group continues to implement its transformational growth strategy with the announcement of deals worth more than 11 billion dirhams since the beginning of the year to date in various sectors and geographical regions, including the acquisition of commercial towers in the Abu Dhabi Global Market, with a value of 4.3 billion dirhams. In one of the largest real estate deals in the UAE.
Aldar UAE has also achieved a strong year-to-date performance across all sectors of its investment portfolio, particularly retail, commercial real estate and hospitality. New acquisitions contributed significantly to third-quarter revenue, and this contribution is expected to accelerate during the fourth quarter.
The business of the project management unit of Aldar Projects continued to grow with the acquisition of new projects worth 31.6 billion dirhams from the beginning of the year to date, which provides a clearer vision of future revenues. The cumulative value of the projects under implementation amounted to 64.2 billion dirhams.
On the other hand, the Emirati Al Dar enjoys a strong liquidity position with its holding of 5.4 billion dirhams in unrestricted cash balances, in addition to undrawn banking facilities of 4.9 billion dirhams.
