Aldar Properties has reported a 20% year-on-year increase in revenue to AED1.76 billion in the first quarter of 2019
Abu Dhabi-based Aldar Properties has reported a 20 percent year-on-year increase in revenue to AED1.76 billion in the first quarter of 2019.
The developer said sales totalled AED1 billion ($272 million) in the first quarter of 2019, up 49 percent, driven by the successful launch of Alreeman.
It reported continued sale activity across existing launches including Yas Acres, West Yas and Mamsha, adding that as at March 31, about 80 percent of all development units launched have been sold.
Net profit of AED493 million was down 26 percent compared to Q1 2018, owing to legacy and other income events, without which net profit would have risen by 4 percent, it added.
Talal Al Dhiyebi, CEO, Aldar Properties said: “2019 is off to a great start. Our strong sales reinforce Abu Dhabi’s favourable supply and demand dynamics as seen with Alreeman and Lea.
"Our high-quality asset management portfolio is well balanced and showing the benefits of its strategic diversification. Our strategy is optimised to take advantage of the opportunities stemming from pro-growth government initiatives.”
He said 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 real estate sector.