Aldar Group has reported a net profit of $187.3 million for the first quarter of 2022, a year-on-year growth of 26.5%.
According to its financial results, the Abu Dhabi-based real estate developer saw revenues standing at $729.6 million for Q1 2022, representing y-o-y growth of 31.5%, while gross profit reached $304.9 million – a growth of 44%.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, said, “During the first quarter, Aldar not only delivered a strong financial performance, but we also diversified our sources of funding and scaled up our operational capabilities in preparation for further growth opportunities.
“We attracted a major investment from Apollo Global Management, which is driving the accelerated expansion and diversification of our investment property business. We also entered the high potential market of Ras Al Khaimah through two acquisitions in retail and hospitality, further increasing our geographic footprint, having entered the Egypt market at the end of last year.”
A WAM report added that Aldar’s strategic land bank for development expanded with a 6.2 million square metre plot acquired on Saadiyat Island during the second quarter.
The group also reported a strong liquidity position, with $1.52 billion of free cash and $1.33 billion of committed undrawn facilities.
Al Dhiyebi added: “In the coming months, Aldar will capitalise on a robust deal pipeline to further broaden our asset base. With demand for quality Abu Dhabi property remaining strong among investors and end-users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island.
“As we enter an exciting phase of growth, we continue to invest in talent and innovation to ensure efficient delivery of our ambitious strategy, while making strong progress on our ESG framework. By taking concrete steps on energy efficiency and carbon reduction, we aim to be a sustainability leader in the UAE in support of an inclusive, net-zero economy.”
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