Leading UAE developer Aldar Properties today (August 13) reported a 21 per cent increase in its revenue for the second quarter which rose to AED2.01 billion ($547.2 million) from AED1.66 billion ($452 million) last year due to a strong performance from the development business.
Announcing the financial results for the April to June 30 period, Aldar said the revenue growth was driven by robust demand for its prime developments and infrastructure-enabled land, while it continued to earn steady fee income from its third-party development management business.
Its net profit too increased 2% from the previous year to AED484 million, it added.
The Abu Dhabi real estate market is being underpinned by government incentives for home buyers, fiscal stimulus measures and programmes to promote private sector growth, said its top official.
"Aldar’s highly sustainable and diversified business model is demonstrating strong earnings power even in a challenging global macro-economic environment," remarked CEO Talal Al Dhiyebi.
According to him, Abu Dhabi’s real estate fundamentals remains well supported.
"The market benefits from well managed supply and a strong investor base is displaying confidence and fuelling demand for quality developments in prime locations," he explained.
"Aldar’s development business had a stand-out quarter, adapting quickly to arrange innovative financing packages and to roll out digital solutions, ensuring service excellence for our customers. This drove growth in revenue and profits, and strong cashflow generation," he added.-TradeArabia News Service