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Aldar notches up Dh688m net profit in Q1-18

This comes off revenues totalling Dh1.5b boosted by steady offplan sales volumes

Dubai: Aldar Properties has reported net profits of Dh688 million for the first three months of 2018, an incremental gain of 4 per cent over the same period last year. Revenues totalled Dh1.5 billion, driven in large part by sustained offplan sales at existing projects.

Most tellingly for Aldar, over 80 per cent of its projects under development have been sold as of March 31, which means it won’t be unduly concerned about inventory management. At the tail end of Q1-18, Aldar launched Reflection on Reem Island, featuring 374 units.

But the biggest gains could be further down the horizon - the strategic alliance with Emaar to the tune of Dh30 billion initially.  “The initial pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike,” said Talal Al Dhiyebi, CEO of Aldar.

And, more recently, Aldar picked up Dh3.7 billion worth of assets from the other Abu Dhabi master-developer TDIC, particularly its signature assets on Saadiyat Island.

On its leased portfolio, Aldar secured 92 per cent across its residential holdings, while those at its office holdings was 91 per cent as of end March. At Yas Mall, occupancy is at 89 per cent, while the hospitality assets were at 85 per cent.

 

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