Aldar’s third-quarter net profit surges 48% on higher revenue

Net income in the three months to the end of September rose to $245 million amid record sales

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 48 per cent increase in third-quarter profit as revenue increased, driven by record development sales and strong contributions from its recurring income portfolio.

Net profit for the three months to the end of September rose to about Dh900 million ($245 million), Aldar said in a filing on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue and rental income for the period increased by 27 per cent, year on year, to Dh3.5 billion.

Record development sales of Dh7.8 billion in the third quarter brought nine-month sales to their highest level of Dh19.4 billion, with 11 new projects launched so far this year.

Aldar will continue to explore opportunities for further “disciplined capital deployment” in its home market and abroad, it said.

“The increasing interest from international buyers in our developments not only highlights the global appeal of Aldar’s offering but also reaffirms Abu Dhabi’s position as a preferred destination for business, leisure and long-term residency,” said Aldar’s group chief executive Talal Al Dhiyebi.

“Our investment properties, particularly our thriving commercial portfolio, consistently exhibit solid operational performance and we are really seeing the positive impact of recent acquisitions across the office, retail and hospitality sectors.”

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