Record sales lift Aldar's first-half profit by 44%

Aldar Properties on Thursday reported a 62 per cent rise in second-quarter profit, helped by record sales on strong local and international demand.

In a statement, the builder of Abu Dhabi’s Formula One motor racing circuit said its second-quarter net profit climbed to Dh841 million while revenues surged 22 per cent year-on-year basis to Dh2.67 billion.

The Abu Dhabi developer also said its first-half net profit and revenues climbed 44 per cent to Dh1.53 billion and 26 per cent to Dh5.35 billion, respectively.

“Adar is delivering on its transformational growth strategy with over Dh11 billion announced transactions in first half of 2022 across logistics, commercial, retail, and hospitality sectors, as well as geographic expansion. Another Dh5 billion of further equity capital to be deployed over the next 12 months,” according to the company statement.

The group enjoyed a strong liquidity position with Dh6 billion of free cash and Dh4.9 billion of committed undrawn facilities, it added.

“Aldar continues to execute on its transformational growth agenda as we consolidate our position as the leading real estate developer and manager in the UAE. Over the first half of the year, we deployed and committed over Dh11 billion of capital adding considerable scale and diversification to our portfolio as we expanded into new markets and sectors, and enhanced earnings growth across our platform,” Talal Al Dhiyebi, Group CEO of Aldar Properties said.

“Our diversified business continues to grow from strength to strength with a buoyant market sentiment in Abu Dhabi, underpinned by strong economic fundamentals. We achieved robust development sales driven by substantial demand from end-users and international investors,” he said.

Al Dhiyebi said the group’s fee-based business demonstrated strong momentum with a significant ramp-up in government projects and our investment property portfolio showed continued strength in terms of occupancy, income, and value appreciation.

“Backed by a strong liquidity position and the additional firepower from Apollo Global Management’s investment, we are well-positioned to further progress our transformational growth strategy. This enables us to add further scale to our portfolio, specifically in the education and logistics sectors, as well as expand our geographical footprint across UAE, Egypt, and Saudi,” he said.

— muzaffarrizvi@khaleejtimes.com