The company has recorded a 30 per cent increase in revenue to AED 2.1bn and an 8 per cent increase in net profit to AED 416M.
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%.
Gross profit was up 5 per cent to AED 696M and Aldar also produced a 7 per cent year on year increase in development sales to a record AED 1.2bn for the third quarter. This brought year to date total sales to AED 2.0 billion, with prime Abu Dhabi destinations of Saadiyat Island and Yas Island continuing to attract investors and end-users.
Talal Al Dhiyebi, Chief Executive Officer of Aldar said, “The strength of Aldar’s business continues to be demonstrated in this challenging year, with our highly diversified business model delivering strong earnings.
“The company benefits from two core businesses, comprising a large and diverse, actively managed income-generating investment portfolio and a development business of premier destinations. These provide strong cash flows, revenue visibility as well as meaningful revenue and profit growth.”
