Abu Dhabi – Mubasher: Aldar Properties recorded an 80% year-on-year (YoY) surge in net profits during the first quarter (Q1) of 2021, logging AED 544 million.

The revenues rose by 16% YoY to AED 2 billion in Q1-21, on the back of a strong growth in property development sales and a ramp-up of the project management business, the property developer said in a bourse disclosure on Monday.

Aldar registered a one-off gain related to the completion of a property transaction with ADQ.

Development sales exceeded AED 1 billion for the third quarter in row, registering AED 1.09 billion in the January-March period, encouraged by strong sales of existing inventory at mid-to-high-end destinations.

“Thanks to the UAE’s world-leading vaccination programme, we can now begin to look beyond Covid-19 and to a return of the UAE economy to its long-term growth trajectory, with improving real estate supply-demand dynamics,” the CEO, Talal Al Dhiyebi, said.

"We will continue to capitalise on the strong demand momentum with exciting new launches," Al Dhiyebi pointed out.