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Aldar Properties said on Tuesday its gross profit for the second quarter surged 20 per cent to Dh649 million from Dh542 million in the same 2017 period while the first half gross profit rose five per cent to Dh1.4 billion.
In a statement, Abu Dhabi's largest developer said the second quarter saw its revenue rising by 12 per cent to Dh1.5 billion, supported by recent asset acquisitions. With first half net profit at Dh1.1 billion, the balance sheet remains strong with gross debt well in line with established debt policy, the builder of Abu Dhabi's Formula One circuit said.
Aldar's net profit for the quarter, however, fell 28 per cent to Dh446.5 million due to a revaluation of properties related to its retail portfolio.
Talal Al Dhiyebi, chief executive officer of Aldar Properties, said in the first half, the developer launched a new master planned community Alghadeer and reinforced its reputation for delivery as the company commenced handover of land plots and villas at Nareel Island, Al Merief and West Yas.
"We have cemented our position as Abu Dhabi's leading real estate investment company by completing one of the country's largest ever real estate acquisitions. The transaction, completed in just 60 days after being announced, adds Dh3.6 billion of strategic operating and development assets to our existing portfolio, which continues to deliver a resilient and consistent performance, positioning us well for future growth," said Al Dhiyebi.
"We are seeing some headwinds; in the retail portfolio, we renewed leases and updated book values," chief financial officer Greg Fewer said.
Development sales for the first half were Dh1.1 billion and for the second quarter at Dh372 million. These were driven by sales of developments under construction, and two newly launched developments that build on Aldar's destination strategy. Alghadeer, a new Dh10 billion, 14,408 unit masterplan that sits within Aldar's Seih Al Sdeirah landbank on the border between Abu Dhabi and Dubai was launched at Cityscape Abu Dhabi in April 2018. Reflection, launched in March 2018, is a boutique residential development on Reem Island expanding Aldar's portfolio of mid-income developments in a city location, the master developer said.
Aldar's acquisition of assets from TDIC included a portfolio of operating assets, predominantly comprising residential, hospitality and leisure and district cooling. The transaction was completed in the second quarter within 60 days of being announced. These assets are now firmly integrated into Aldar's portfolio and will provide a more meaningful contribution during the second half of the year and beyond, the company said.
- issacjohn@khaleejtimes.com
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