Aldar has reported a 62 per cent rise in net profit on a year-on-year basis to AED841M for the second quarter of 2022, and a 44 per cent increase to AED1.53bn for the first half of the year.
The Abu Dhabi developer said revenue in Q2 grew 22 per cent to AED2.67bn, while the corresponding figure for the first half was AED5.35bn (up 26 per cent). The gross profit was up 45 per cent for the quarter and 44 per cent for the half at AED1.19bn and AED2.31bn respectively.
Aldar’s aggressive growth strategy saw transactions of over AED11bn in H1 2022 across logistics, commercial, retail, and hospitality sectors, as well as expansion into new territories. The company announced it will deploy a further equity capital of AED5bn over the next 12 months.
In February this year, Apollo Global Management had invested a total of $1.4bn, including a minority stake in Aldar Investment Properties for $400M and a $500M investment into a new land joint venture. This provided significant firepower to strengthen and accelerate the company’s long-term growth.
