UAE's Aldar reports Dhs688m net profit in Q1 2022
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UAE’s Aldar reports Dhs688m net profit in Q1 2022

UAE’s Aldar reports Dhs688m net profit in Q1 2022

Revenues stood at Dhs2.68bn in Q1 2022, a year-on-year growth of 31.5 per cent

Aldar

Aldar Group has reported Dhs688m in net profit in the first quarter of 2022, a year-on-year growth of 26.5 per cent.

Revenues stood at Dhs2.68bn in Q1 2022, a year-on-year growth of 31.5 per cent, whereas gross profit reached equalled Dh1.12bn, a growth of 44 per cent.

Aldar’s land bank for development expanded with a 6.2 million square metre plot acquired on Saadiyat Island during the second quarter.  The plot has been earmarked for a mixed-use development project.

Read: Aldar acquires land bank valued at Dhs3.68bn on Saadiyat Island

The group also reported Dhs5.6bn of free cash and Dhs4.9bn of committed undrawn facilities, official news agency WAM reported.

Talal Al Dhiyebi, group chief executive officer of Aldar Properties, said, “During the first quarter, Aldar not only delivered a strong financial performance, but we also diversified our sources of funding and scaled up our operational capabilities in preparation for further growth opportunities.

“We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the high potential market of Ras Al Khaimah through two acquisitions in retail and hospitality, further increasing our geographic footprint, having entered the Egypt market at the end of last year.”

Earlier this year, Aldar Properties acquired the 27,000 sqm Al Hamra Mall in Ras Al Khaimah from its developers Al Hamra for Dhs410m.

Read: Aldar Properties enters Ras Al Khaimah with Dhs410m acquisition of Al Hamra Mall

“In the coming months, Aldar will capitalise on a robust deal pipeline to further broaden our asset base. With demand for quality Abu Dhabi property remaining strong among investors and end-users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island,” adds Al Dhiyebi.

“As we enter an exciting phase of growth, we continue to invest in talent and innovation to ensure efficient delivery of our ambitious strategy, while making strong progress on our ESG framework. By taking concrete steps on energy efficiency and carbon reduction, we aim to be a sustainability leader in the UAE in support of an inclusive, net-zero economy.”

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