Leading Abu Dhabi developer Aldar Properties has reported a net profit of AED544 million ($148 million) for the first quarter, up 80 per cent YoY.

 

Its revenue too rose 16% YoY to AED2 billion ($544 million), driven by a strong increase in property development sales and a ramp-up of the project management business, said the UAE developer in a statement.

 

The Abu Dhabi group said its gross profit rose 11% YoY to AED776 million, with a significantly higher contribution from Aldar Development. 

 

It recorded a one-off gain related to completion of the previously announced transaction with ADQ while fair value adjustments on investment properties decreased from a year earlier.

 

Adjusting for the one-off gain related to the ADQ transaction the Group’s core net profit was up 47% YoY.

 

On the performance, Group CEO Talal Al Dhiyebi said: "We have achieved a strong start to the year across Aldar’s diversified businesses, as our new operating model delivers growth and efficiency."

 

"Aldar Development’s strong quarter in sales demonstrates a return of consumer confidence and our ability to meet growing demand among a range of buyers, with expatriate residents and other foreign investors accounting for an increasing proportion of residential purchases," he noted.

 

"We will continue to capitalise on the strong demand momentum with exciting new launches" he stated. 

 

"Aldar Investment produced a resilient performance despite the impact of the global pandemic on tourism focused assets and is testament to the value of active asset management, cost efficiency initiatives and the strength of our diversified portfolio. Moreover, our proactive engagement with our stakeholders continues to enhance Aldar’s value proposition as a trusted brand," he added.-TradeArabia News Service