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Talal Al Dhiyebi

Talal Al Dhiyebi

Aldar Properties H1 revenue up 15pc to $931m


Aldar Properties, a leading property development, management and investment company in Abu Dhabi, UAE has reported a 15 per cent year-on-year increase in revenue to Dh3.42 billion ($931 million) in the first half of 2019.

Gross profit for H1 2019 increased two per cent to Dh1.39 billion compared to Dh1.36 billion in H1 2018, a company statement said.

Aldar posted a net profit of Dh969 million in H1 driven by strong performance of core business operations, marking a 13 per cent decline from H1 2018, primarily owing to legacy one-off income events in H1 2018, according to the statement.

Revenue for the second quarter (Q2) of 2019 increased 10 per cent to Dh1.66 billion against Dh1.51 billion in Q2 2018.

Gross profit for Q2 2019 increased three per cent to Dh669 million compared with Dh649 million in Q2 2018, while the net profit for Q2 2019 increased seven per cent to Dh476 million versus Dh445 million in Q2 2018.

Talal Al Dhiyebi, chief executive officer, Aldar Properties said: “There is an upswing in sentiment towards Abu Dhabi‘s real estate market with the recent announcement of our Dh9 billion worth of development projects since the start of 2019.”

“Those, coupled with government initiatives to spur economic growth, are having a positive multiplier effect on the wider Abu Dhabi economy and stirring confidence. This is reflected in our strong performance for the period, underpinned by near Dh2 billion in off-plan sales.

“Also, we are investing wisely, extracting more value from our investment portfolio, which is contributing to our growth. The wheels of change are in motion and Aldar is well positioned and well-funded to capitalise on emerging opportunities,” he added. – TradeArabia News Service

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