Abu Dhabi developer Aldar posts 88% in Q1 leap

ABU Dhabi’s biggest developer, Aldar Properties, posted an 88 per cent leap in first-quarter net profit on Monday, supported by strong revenue growth.

Net profit rose to 1.57 billion UAE dirhams (S$581.3 million), beating analyst expectations of 1.03 billion dirhams, LSEG data showed.

Revenue for the quarter totalled 5.6 billion dirhams, up 83 per cent year on year.

CEO Talal Al Dhiyebi said in the company’s statement that the results reflected the UAE real estate market, particularly in Abu Dhabi.

The developer said in February that it would invest 5 billion dirhams to build new office, retail and hospitality facilities in the state by 2027, including the expanding UAE capital city’s financial district.

Abu Dhabi’s financial district plans a tenfold expansion by adding al-Reem Island to its current location on al-Maryah Island, Reuters reported in September. REUTERS