ABU DHABI, Aldar Group has reported AED688 million in net profit in the first quarter of 2022, a year-on-year growth of 26.5 percent, according to its financial results released Wednesday.
Revenues stood at AED2.68 billion in Q1 2022, a year-on-year growth of 31.5 percent, whereas gross profit reached AED1.12 billion, a growth of 44 percent.
Aldar’s strategic land bank for development expanded with a 6.2 million square metre plot acquired on Saadiyat Island during the second quarter. The group also reported strong liquidity position, with AED5.6 billion of free cash and AED4.9 billion of committed undrawn facilities.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said, “During the first quarter, Aldar not only delivered a strong financial performance, but we also diversified our sources of funding and scaled up our operational capabilities in preparation for further growth opportunities.
“We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the high potential market of Ras Al Khaimah through two acquisitions in retail and hospitality, further increasing our geographic footprint, having entered the Egypt market at the end of last year.”
He added, “In the coming months, Aldar will capitalise on a robust deal pipeline to further broaden our asset base. With demand for quality Abu Dhabi property remaining strong among investors and end-users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island.
“As we enter an exciting phase of growth, we continue to invest in talent and innovation to ensure efficient delivery of our ambitious strategy, while making strong progress on our ESG framework. By taking concrete steps on energy efficiency and carbon reduction, we aim to be a sustainability leader in the UAE in support of an inclusive, net-zero economy.”
Source: Emirates News Agency