Media ININ Economy We Trust
14-05-2019 Media IN Abu Dhabi
Aldar Properties posted a net profit of AED 493 million in the first quarter of 2019 and recorded a growth of AED 1.76 billion, an increase of 20% over the same period last year.
During the first quarter of 2011, Aldar witnessed a significant growth in sales of its planned development projects, with a total sales of AED 1 billion, an increase of 49% over the same period last year.
Aldar Investments completed two deals in the first quarter, concluding a AED 1.2 billion non-cash deal in March that fully acquired Etihad Plaza and Etihad Airways, thereby canceling three existing joint venture agreements with Etihad. Approximately AED 100 million to the Company’s net operating income per year.
The unit sales of newly launched real estate projects reached 80% by the end of March 2019, while future revenues from development projects under development reached AED 4.3 billion by the end of March.
The Chief Executive Officer of Aldar Properties, said: “As a result of our diversification strategy, we now have a balanced portfolio of high-quality real estate assets that generate recurring revenues as the company’s strategy improves to capitalize on opportunities arising from government-driven growth initiatives aimed at developing and diversifying the UAE economy.
He also said that the package of incentives provided by the government within the framework of the Abu Dhabi Program for Development Dues “Tomorrow 21” as well as the new measures taken by the emirate to support the growth of business began to bear fruit in stimulating economic growth and will play a vital role in enhancing the attractiveness of the emirate as an ideal destination for living,
