Abu Dhabi’s leading developer, Aldar Properties, records a staggering 11% jump in its third quarter profit, with the boost coming from record developmental sales and strong economic recovery.
Following the report, Aldar announced it is “actively” seeking further acquisition opportunities in the country.
In a statement made by Aldar through the Abu Dhabi Securities Exchange where its shares are traded, the net profit attributable to the owners by the end of September rose to AED 473 million and provisions, impairments and writedowns dropped 44% to AED 30.8 million, resulting to the developer’s profitability. Aldar has recorded an additional AED 2.69 billion development sales in the mentioned quarter, raising its year-to-date total sales to AED 6.14 billion.
“Aldar’s strong financial and operating performance this year continued into the third quarter, reflecting our ability to sustain growth. As post-pandemic recovery gathered momentum, our diversified businesses continued to rebound at pace,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said.
Key factors in the boost include the highly patronised launches of Yas Acres Magnolias, Al Gurm Phase II and existing inventory at Mamsha Al Saadiyat. Aldar’s net profit for the first 9 months rose to 27% or AED 1.53 billion compared to last year’s due to higher revenue and lower provisions.
Greg Fewer, Aldar’s chief finance and sustainability officer told media that the company is seeking attractive and value accretive acquisition opportunities to grow its portfolio of assets, including commercial, office, residential, education, warehousing and logistics segments.
“Those are the sectors where we see very interesting acquisitions both in Abu Dhabi and the UAE,” he said. “Historically, we have shown a strong ability to make large transformational acquisitions and that has added a lot of value to our shareholders.”
Aldar is also leading a consortium of investors that submitted a non-binding offer to acquire a majority stake in Egypt’s Sixth of October Development and Investment Company (SODIC) which plays a role in Aldar’s overall expansion strategies.
“We expect to see operating activities across our commercial and retail assets continue to grow in line with the macroeconomic recovery that is well underway,” Mr Al Dhiyebi said.
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