Quarterly Profit Rises 18% for Abu Dhabi’s Aldar Properties
Aldar was the builder of Abu Dhabi’s Formula One circuit.
Aldar Properties yesterday reported an 18 per cent annual increase in net profit for the second quarter.
The company attributed the rise to higher recurring revenues from its retained portfolio, as well as higher development margins and lower finance costs.
The Abu Dhabi-listed developer made a net profit of Dh601 million, compared with Dh509m in the same period last year. This is despite revenue halving in the period to Dh1.1 billion from Dh2.2bn in the second quarter of last year as fewer completed properties were handed over. Profit for the six months to June 30 increased by 21 per cent to Dh1.2bn, although revenue was 42 per cent lower at Dh2.3bn. Details
