Today's Edition
ABU DHABI (ALETIHAD)
Aldar Properties' net profits (after tax) jumped 57% to reach Dh 3.3 billion in the first half, while profits before deductions recorded a 61% increase to Dh 3.9 billion. A statement issued yesterday by the company confirmed that profits before deductions amounted to Dh 2 billion during the second quarter, with a growth of 42%, while net profits after tax rose 37% to Dh 1.8 billion.
Development project sales witnessed strong growth, achieving Dh 14 billion during the first half, an increase of 21% year-on-year, supported by strong demand for new projects and existing inventory.
Strong demand from international and resident buyers continued, as their purchases amounted to Dh 10.2 billion, or 79% of Aldar's sales in the UAE during the first half.
His Excellency Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said: "The UAE real estate market continues to display solid fundamentals driven by strong end-user demand and increasing global investor interest, and this is reflected in Aldar's strong financial and operational performance in the first six months of 2024. Underpinning this strength is the dynamism of the UAE economy. Through pro-growth policies and a business-friendly environment, the UAE has emerged as a premier destination for international corporates, entrepreneurs and capital. Aldar is integral to the country's development, providing exceptional lifestyle destinations and building the commercial and logistics infrastructure needed to cater to the growing demand. Leveraging its financial strength and technical expertise, Aldar is committed to remaining at the forefront of the UAE's sustainable economic transformation and capitalising on the attractive market opportunities to drive long term sustainable growth for our shareholders and stakeholders."
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said: "Aldar's exceptional performance in the first half of 2024 highlights our effective and diversified business model, strong brand, and a positive operating environment in the UAE. With 79% of our UAE residential sales coming from overseas and expats buyers, we are experiencing a significant expansion of our customer base and benefiting from the country's appeal to international investors. At the same time, our investment portfolio is thriving amid favourable economic conditions and driven by strategic acquisitions over the last couple of years. We are entering into one of the most exciting periods of activity and growth in Aldar's history.
