Aldar posts net profit of AED668-mn in Q1 2018


May 15, 2018 | By RetailME Bureau

Aldar Properties PJSC delivered a net profit of AED668 million for the first quarter of 2018, up 4% from Q1 2017 (AED641 million), reflecting a strong start to the year.

Among the highlights from the first quarter of 2018 are revenue of AED1.5 billion driven by strong revenue recognition on developments under construction; gross profit of AED715 million; and development sales of AED681 million.

Aldar’s asset management portfolio of residential, retail, office and hospitality properties also delivered a resilient performance during the first quarter of 2018, recording net operating income of AED396 million.

Commenting on the results, Talal Al Dhiyebi, CEO, Aldar Properties, says, “Aldar started 2018 strongly with the announcement of an historic partnership with Emaar to develop the next era of iconic real estate destinations. The initial AED30 billion pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike. Our launch of a boutique development on Reem Island – Reflection – shows the continued momentum in our development business, which recorded sales of AED681 million during the quarter, while our asset management business also continued to deliver a resilient performance.”

“Our acquisition of AED3.7 billion of assets from TDIC, including a portfolio of assets in the prime Saadiyat Island destination, as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager and underlines the scale of our ambitious plans for future growth,” he adds.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE gears up to celebrate this year’s National Day celebrations in the 

Continue Reading

November 28, 2021 | By Zubina Ahmed

UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online 

Continue Reading

November 18, 2021 | By RetailME Bureau

Amazon.ae announced that the 11.11 sale is back once again this year 

Continue Reading

November 8, 2021 | By RetailME Bureau

Abu Dhabi Cooperative Society’s COOP City store is now open in Lake 

Continue Reading

November 3, 2021 | By RetailME Bureau

Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau




Download Images RetailME Magazine