Al Dhiyebi... a stand-out quarter.
Aldar’s revenue surges 21pc to $547m in Q2
01 September 2020
Leading UAE developer Aldar Properties reported a 21 per cent increase in its revenue for the second quarter which rose to Dh2.01 billion ($547.2 million) from Dh1.66 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 says 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 two per cent from the previous year to Dh484 million, it adds.
“Aldar’s highly sustainable and diversified business model is demonstrating strong earnings power even in a challenging global macro-economic environment,” remarks CEO Talal Al Dhiyebi.
“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 adds.
- The District Al Faisaliah redevelopment launched
- Azizi to invest $952m to develop 11,000 homes
- Arada launches luxury garden community
- Aldar’s revenue surges 21pc to $547m in Q2
- Kleindienst’s resort cluster nears completion
- Marassi Galleria to feature aquarium
- RAK AMI Hotel flagship project 40pc complete
- Samana homes set for October handover
- News in brief
