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Abu Dhabi 08-08-2019 / WAM
Aldar Properties reported a 15% year-on-year growth in revenue to AED 3.42 billion, compared to AED 2.98 billion in the same period last year, as a result of an increase in activity across major development projects under construction.
Total profit for the first half of the year increased by 2% to AED 1.39 billion compared to AED 1.36 billion in the first half of last year, while net profit of AED 969 million in the first half of this year due to strong performance of its core business.
At the end of June 2019, the balance sheet of the Company remained strong and total liquidity and committed and undrawn bank facilities totaled AED 7.3 billion.
Revenues in the second quarter of 2019 increased by 10% to AED 1.66 billion compared to AED 1.51 billion in the same period in 2018.Development Projects recorded a 17% increase in revenue to AED 692 million as a result of the company’s increased activity across its projects. Major development is under construction, as well as higher revenues from management of third party development projects.
Aldar’s second-quarter sales on the plan increased 129% to AED 853 million, following the successful launch of Leia on Yas Island and Al Reiman 2 in Al Shamkha. The asset management unit continued to perform flexibly, with net operating income up 5% to AED 396 million in the second quarter thanks to the strong performance of Aldar’s wholly owned subsidiary, Aldar Academies for School Management and Operation, Profis Property Management and Khidmah. Facility Management.
The company’s gross profit for the second quarter of 2019 increased 3% to AED 669 million compared to AED 649 million in the second quarter of 2018.Net profit for the second quarter increased by 7% to AED 476 million compared to AED 445 million during the period. Itself from last year.
Talal Al Thiabi, Chief Executive Officer of Aldar Properties, said: “Our strong performance during this period is a clear indication of the recovery of the real estate market, with total sales on the scheme reaching AED 2 billion.
