ADX-listed developer Aldar announced a substantial 38 per cent rise in net profit, reaching AED 2.1B in the initial half of 2023. Furthermore, revenue saw a notable 18 per cent growth, amounting to AED 6.3B over the same period. The company’s exceptional development sales of AED 11.6B fueled the remarkable performance, achieved through the launch of 10 new projects year-to-date.
Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said: “Solid consumer and business confidence is supporting domestic demand, which is translating into strong development sales and high occupancy across the company’s portfolio of prime assets.”
“This is a direct result of the successful socio-economic reforms enacted by the UAE government, which have positioned the country as a premier lifestyle, investment and business destination. Aldar continues to build on its formidable track record, capitalising on significant opportunities to deliver sustainable value to all our stakeholders.”
Noteworthy Q2 Growth in Net Profit and Revenue
In Q2, Aldar reported a noteworthy net profit of AED 1.3B, marking a substantial 52 per cent rise compared to the same period last year. Additionally, the revenue for Q2 reached AED 3.2B, representing a remarkable 21 per cent increase, according to Gulf News.
Aldar Development, one of the group’s divisions, achieved impressive results in H1, with revenue amounting to AED 3.9B, a solid 10 per cent growth, and sales soaring by 117 per cent year-on-year, reaching AED 11.6B.
Aldar Investment also experienced positive momentum in H1, as its revenue surged to AED 2.5B, a notable 42 per cent increase from the previous year. Talal Al Dhiyebi, Group CEO of Aldar Properties, expressed his satisfaction with the company’s performance, emphasizing the successful integration of new acquisitions and a substantial 30 per cent growth in the total value of Aldar’s owned recurring income asset portfolio over the past year.
He added, “Our operating model has proven highly effective at delivering accelerated growth. We look forward to launching our development franchise into Dubai and Ras Al Khaimah in the coming months, and deploying further capital to diversify our investment property platform.”
Record Sales in the UAE
Aldar Development achieved an astonishing Dh6.4 billion in total sales in the UAE during Q2 2023, showing an impressive 156 per cent year-on-year increase.
According to the developer, the strong demand for existing inventory from Q1 launches and the introduction of new projects in Q2, such as AlKaser, Reeman Living 2, and The Source 2, primarily fueled this growth.
Moreover, the UAE sales for the first half of 2023 surged by 164 per cent year-on-year, reaching AED 10.6B.
The developer’s overseas and expat buyers contributed significantly to sales, hitting a record AED 3.3B in Q2 2023, showcasing Abu Dhabi’s prominence as a top investment and lifestyle destination.
In the first half of 2023, overseas and expat buyer sales amounted to AED 5.2B, a remarkable four-fold increase compared to H1 2022.
