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Aldar Properties sees lower net profits in H1-20

Aldar Properties sees lower net profits in H1-20
The company's revenues increased to AED 3.76bn
Aldar
ALDAR
-1.08% 5.52 -0.06

Abu Dhabi – Mubasher: The net profits attributable to the owners of Aldar Properties dropped to AED 786.46 million in the first half (H1) of 2020 from AED 1.02 billion during the same half of 2019.

The company's revenues increased to AED 3.76 billion in H1-20 from AED 3.42 billion in H1-19, according to the company's interim financial statements for the period ended on 30 June 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.100 in the first six months of 2020, versus AED 0.130 in the corresponding period of 2019.

During the second quarter (Q2) of 2020, the company witnessed a 2% rise in net profits to AED 484 million from AED 476 million in the same quarter of the previous year.

The CEO of Aldar, Talal Al Dhiyebi, said: "Our prime investment properties continue to perform solidly, and as the most efficient platform for real estate ownership in the region, we are looking at attractive opportunities to expand our diversified portfolio."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits plunged by 39% to AED 302.375 million from AED 493.531 million in the same quarter of 2019.