Abu Dhabi-based Aldar Properties PJSC announced 20% increase in gross profit for the second quarter of 2018, touching AED649 million, while gross profit for first half of the year was up 5% to AED1.4 billion. The developer reported gross profit margin of 46% during H1 2018, compared to 44% in H1 2017, supported by high margin development and land plot sales revenue.
The Q2 2018 revenue is up 12% to AED1.5 billion supported by recent asset acquisition. The H1 2018 revenue is up 2% to AED3 billion driven by revenue recognition on developments under construction and recent asset acquisition. Aldar recorded net profit of AED1.1 billion during the first half of 2018, and AED 445 million during the second quarter.
Commenting on the results, Talal Al Dhiyebi, CEO, Aldar Properties, says, “Aldar delivered a solid underlying performance for the first half of 2018 alongside a number of landmark announcements. In the development business, we launched a new master-planned community Alghadeer and reinforced our reputation for delivery as we commenced handover of land plots and villas at Nareel Island, Al Merief and West Yas.”
“We have cemented our position as Abu Dhabi’s leading real estate investment company by completing one of the country’s largest ever real estate acquisitions. The transaction, completed in just 60 days after being announced, adds AED3.6 billion of strategic operating and development assets to our existing portfolio, which continues to deliver a resilient and consistent performance, positioning us well for future growth.”
In May 2018, Aldar announced the acquisition of a selection of assets from Tourism Development & Investment Company (TDIC). The assets purchased included residential projects on Saadiyat Island at reasonably advanced stages of construction. These high-quality projects expand Aldar’s pipeline of existing projects under development and contribute immediate revenue as construction progresses.
Aldar’s asset management portfolio of retail, residential, office and hospitality properties delivered another resilient performance, with a 6% increase in net operating income to AED377 million during Q2 2018, compared with AED357 million in Q2 2017.
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
The Sultanate’s largest shopping destination, Mall of Oman, which opened its doors
Dubai Outlet Mall has announced a strategic partnership with Lulu Group to
The Ministry of Human Resources and Social Development in Saudi Arabia has
UAE-based REDTAG will launch its specialized, new outlet in City Centre Deira
Extravagant, conceptual, great food and views are some of the ways that
UAE-based Al-Madina Group opened two new projects, Crown Mall and Mango Hypermarket,
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
UAE-based REDTAG has launched its latest retail outlet on at Doha’s City Center
UAE-based Carrefour has opened a new store at the world’s busiest international
The once powerful department stores that anchored malls and streets around the
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²