Real estate developer’s rise in Q2 net profit buoyed by delivery of high end units
Abu Dhabi’s largest real estate developer by market capitalisation, Aldar Properties has posted a sharp increase in the second-quarter net profit, buoyed by delivery of more than 1,000 high-end residential beach units.
Aldar saw its net income in the quarter jump 228% to $113.8m, compared with $34.6ma year earlier, after handing over 1,058 completed luxury flats to customers.
First-half net profit also rose to $244m from $86.1m in the corresponding period a year ago, while revenue for the same period rose 427%year-on-year to $2.24bn, the company said.
Looking ahead, the developer “will continue to deliver strong revenues and predictable cash flows,” said Ali Eid Al Mheiri, chairman of Aldar Properties.
“Aldar benefits from highly predictable and stable ongoing cash flows with Dh12 billion cash still to be received from the three main asset sale agreements signed with the government of Abu Dhabi between 2009 and 2011,” he added.