(MENAFN) Aldar Properties, the largest real estate developer in Abu Dhabi, disclosed a remarkable 88 percent increase in net profits during the first quarter of this year, soaring to approximately 1.6 billion dirhams. This surge in profitability, as reported to the Abu Dhabi Securities Market, was underpinned by robust revenue growth, surpassing analysts' expectations and reflecting the company's strong performance in the real estate market.
The company's first-quarter revenues surged by an impressive 83 percent, reaching 5.6 billion dirhams. Notably, sales of development projects soared to 6.3 billion dirhams, marking a substantial 39 percent annual increase. This uptick coincided with the successful launch of three new projects within the first three months of the year, further bolstering Aldar Properties' revenue streams.
Talal Al Dhiyebi, CEO of Aldar Properties Group, attributed the exceptional results to the resilience of the real estate market in the UAE, particularly in Abu Dhabi. He emphasized the company's commitment to capitalizing on market opportunities and delivering outstanding performance amid dynamic market conditions.
The company's development projects achieved a record operating rate, fueled by efficient revenue collection, with accumulated revenues totaling 38.1 billion dirhams, according to the disclosure. Aldar Properties noted that international buyers and residents contributed significantly to its sales in the UAE, accounting for 75 percent of total sales.
Furthermore, the company highlighted the positive impact of its growing investment portfolio, bolstered by strategic acquisitions undertaken in the previous year. These acquisitions have not only diversified Aldar Properties' revenue streams but have also contributed to the robust profitability witnessed in the first quarter.
Overall, Aldar Properties' stellar financial performance underscores its position as a key player in the UAE's real estate sector and reflects its ability to navigate market challenges while capitalizing on emerging opportunities. The company's strong revenue growth and profitability demonstrate its resilience and strategic foresight in driving sustainable growth in the dynamic real estate landscape of Abu Dhabi and beyond.
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