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Aldar Properties, the Abu Dhabi-based developer behind mega projects such as the Formula One race circuit on Yas Island, reported positive Q1 earnings in Q1 2019. Boosted by strong demand and sales of its development units, including the highly successful Alreeman project, Aldar recorded a 20% increase in revenue, crossing AED 1.7 billion year-on-year.
Sales activity across existing launches, such as Yas Acres, West Yas and Mamsha, was also strong in Q1 2019. Approximately 80% all development units launched have been sold according to a statement from Aldar.
According to Aldar’s regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded, net profit was at AED 493 million, down 26% compared to Q1 2018. This was due to legacy and other income events, without which net profit would have risen by 4%, Aldar clarified. Talal Al Dhiyebi, CEO, Aldar Properties said that recent government reforms, including the introduction of freehold title for foreign buyers within investment zones in Abu Dhabi, are enhancing the long-term attractiveness of the real estate sector.
Meanwhile, Aldar’s hospitality unit, within its asset management division, had a 94% increase in net operating income in Q1 2019. This was mainly driven by major events held in Abu Dhabi recently, including the Special Olympics. In March 2019, the division acquired full ownership of Etihad Plaza and Etihad Airways Centre in a non-cash transaction worth AED 1.2 billion. It also sold Al Murjan Tower for AED 289 million in the same period.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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