Net profit increases by 52% for Aldar Properties

Aldar Properties sees 21% in increased revenue to AED 3.2B (USD 870M) with record sales and income portfolio.
Aug 4, 2023

Thanks to its recurring income portfolio and record sales, Aldar Properties sees a 52% increase in net profit in Q2 2023, bringing the total to AED 1.29B (USD 350M).

The Chairman of Aldar Properties, Mohamed Khalifa Al Mubarak, stated that “Aldar continues to build on its formidable track record, capitalizing on significant opportunities to deliver sustainable value to all our stakeholders.”

With 10 new project launches to date, the company has a record AED 11.6B (USD 3.16B) in development sales. International and local expats have greatly contributed to the continuous demand of Aldar Properties and boost Abu Dhabi’s appeal as a permanent, holiday, and investor destination.

The quarterly report indicates increased rental rates, rental income, and occupancy to be main factors for organic growth across their recurring income portfolio. The joint venture partnerships with Mubadala and Dubai Holding only further Aldar Property’s potential.

Aldar Properties and the Abu Dhabi Housing Authority partnered up to create the sustainable residential neighbourhood, Balghaiylam, in North Yas, valued at AED 8B (USD 2.18 B). More than 1,700 homes will be available to UAE nationals and the expected completion date is set for 2026.