Aldar Properties profits rocket on flats sales
The sale of more than 1,000 luxury flats at Al Raha Beach helped boost profits at Aldar Properties by a staggering 228 per cent in the second quarter of the year.
The property company struck three deals with the Abu Dhabi Government over the past three years to sell land and projects including flats at Al Raha.
During the three months to June, Aldar handed over 1,058 completed luxury flats to customers including the Government.
The revenues from the sales drove second-quarter net profit up to Dh417.9 million (US$113.7m) from Dh127.3m for the same period the previous year.
Revenues rose dramatically - by 497 per cent to Dh4.6 billion compared with the second quarter last year.
"Aldar's results clearly demonstrate its strong financial position. Impressive quarterly performance has been driven by the delivery of a substantial volume of units to our customers including the Government of Abu Dhabi," said Aldar's chairman, Ali Eid Almheiri.
"During the second half of the year, Aldar will continue to deliver strong revenues. This stability enables us to focus on our long-term strategy - to remain Abu Dhabi's pre-eminent developer."
Published: August 9, 2012 04:00 AM