Aldar’s 9-month profit up 8% on higher sales

abu dhabi — Aldar Properties on Wednesday reported a 30 per cent year-on-year increase in revenue to Dh2.1 billion. Gross profit was up five per cent to Dh696 million and net profit rose eight per cent to Dh416 million, driven by record quarterly home sales in its core market, Abu Dhabi.

Aldar produced a seven per cent yearon-year increase in development sales to a record Dh1.2 billion for the third quarter. This brought year to date total sales to Dh2 billion, with prime Abu

Dhabi destinations of Saadiyat Island and Yas Island continuing to attract investors and end-users.

The Abu Dhabi real estate market has held firm this year despite the challenging global macro-economic environment, supported by incentives for home buyers, measured supply of new units, and government programmes to promote private sector growth. Collections from units being handed over and projects under development were also very strong, with Dh3.1 billion collected year-to-date.

Aldar’s large portfolio of investment properties has displayed a high degree of stability despite the difficult operating environment due to Covid-19, with average occupancy across the diversified retail, commercial and residential assets standing at 87 per cent. The company also continued to earn steady income from its third-party development management business, which is set to expand further following a new mandate granted in late October (after the third-quarter reporting period) to take over the development and management of over Dh30 billion of Abu Dhabi government capital projects.

“The strength of Aldar’s business continues to be demonstrated in this challenging year, with our highly diversified business model delivering strong earnings,” Aldar CEO Talal Al Dhiyebi said.