Aldar eyes stability after sharp leap in revenues

ABU DHABI’S flagship developer Aldar Properties yesterday announced a nearly five-fold increase in second-quarter revenues and a 228 per cent increase in net profit in a strong set of results.

The developer, which has had to face major challenges during the downturn in the UAE property market and seek billions of dollars of support from the government, said Q2 revenues were up 497 per cent to Dhs4.63 billion - sharply up from the Dhs775.7 million it accrued in the same period a year before. Net profit grew 228 per cent from Dhs127.3 million to Dhs417.9 million.

The company’s chairman, Ali Eid Almheiri, said it anticipates “strong revenues and predictable cash flows” for the rest of the year. The firm also announced that the due diligence process on a potential merger with fellow Abu Dhabi developer Sorouh Real Estate “is well underway”.