Real estate giant cites strong increase in property development sales and a ramp-up of the project management business for profit boost.
Abu Dhabi-based Aldar Properties has reported a net profit of AED544M for the first quarter of 2021, a growth of 80 per cent compared to the same period in 2020. In a statement, the company said its revenue increased 16 percent annually to AED2 billion, driven by a strong increase in property development sales and a ramp-up of the project management business.
Talal Al Dhiyebi, Group CEO, said: “We have achieved a strong start to the year across Aldar’s diversified businesses, as our new operating model delivers growth and efficiency. Aldar Development’s strong quarter in sales demonstrates a return of consumer confidence and our ability to meet growing demand among a range of buyers, with expatriate residents and other foreign investors accounting for an increasing proportion of residential purchases. We will continue to capitalise on the strong demand momentum with exciting new launches. Aldar Investment produced a resilient performance despite the impact of the global pandemic on tourism focused assets and is testament to the value of active asset management, cost efficiency initiatives and the strength of our diversified portfolio. Moreover, our proactive engagement with our stakeholders continues to enhance Aldar’s value proposition as a trusted brand.”
