Reports posting strong performance for second quarter of 2012
Aldar, the Abu Dhabi-based property development, management and investment company, has announced its financial results for second quarter of 2012, and has revealed that that its revenue for the period has increasing 497% to AED 4,631.2million (Q2 2011: AED 775.7 million) and posted a net profit of AED 417.9 million, up 228% from AED 127.3 million during the same period last year.
The revenues were driven by the successful handover of 1,058 residential units on Al Raha Beach units, Aldar claimed, and added that its delivery programme will continue into the second half of the year with a focus on delivery and handover of the remaining units and land plots at Al Raha Beach.
Speaking against the backdrop of its positive balance sheets, Ali Eid Almheiri, Chairman of Aldar Properties, commented: “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. During the second half of the year Aldar will continue to deliver strong revenues and predictable cash flows. This stability enables us to focus on our long-term strategy – to remain Abu Dhabi’s pre-eminent developer. We have a strong pipeline of development projects to deliver over the second half of the year and into 2013 and we look forward to contributing profitably to Abu Dhabi’s future real estate pipeline.”