Abu Dhabi – Mubasher: The net profits attributable to the owners of Aldar Properties reached AED 725.65 million in the first quarter (Q1) of 2023, an annual surge from AED 667.91 million.

Basic and diluted earnings per share (EPS) stood at AED 0.086 in January-March 2023, up from AED 0.085 in the year-ago period, according to the unaudited financial results.

The revenue and rental amounted to AED 3.06 billion in the first three months (3M) of 2023, higher by 14% year-on-year (YoY) than AED 2.68 billion.

Aldar witnessed the highest-ever quarterly sales at AED 4.50 billion, backed by strong demand from an increasing base of overseas and resident expat buyers across the UAE.

Meanwhile, the total assets hit AED 63.77 billion in Q1-23, versus AED 61.27 billion as of 31 December 2022.

Talal Al Dhiyebi, Group CEO of Aldar, highlighted: “Aldar has maintained positive momentum in Q1-23, reporting a strong set of results against the backdrop of positive economic fundamentals in the UAE.

“During Q1, we launched a variety of new residential concepts in Abu Dhabi that proved incredibly popular amongst investors locally and overseas,” Al Dhiyebi noted.

The CEO underlined: “Aldar’s investment platform continued to grow at a pace driven by tenant occupancy of 93% across assets, strong rental returns, and positive contributions from new acquisitions within the portfolio, particularly the four office towers at ADGM.” 

In the 12-month period that ended on 31 December 2022, the ADX-listed company generated net profits to the shareholders valued at AED 2.94 billion, compared to AD 2.21 billion a year earlier.