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Aldar logs AED 1.92bn profits to owners in H1-23

Aldar logs AED 1.92bn profits to owners in H1-23
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Abu Dhabi – Mubasher: Aldar Properties generated AED 1.92 billion in net profit attributable to the shareholders during the first half (H1) of 2023, versus AED 1.47 billion in H1-22.

Revenue and rental income reached AED 6.30 billion as of 30 June 2023, up 18% year-on-year (YoY) from AED 5.35 billion, according to the income statements.

The basic and diluted earnings per share (EPS) amounted to AED 0.23 in the first six months (6M) of 2023, an annual rise from AED 0.18.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net profits attributable to the owners reached AED 1.19 billion, compared to AED 803.98 million in the year-ago period.

The revenues hiked by 21% to AED 3.23 billion in Q2-23 from AED 2.66 billion in Q2-22, while the basic and diluted EPS increased to AED 0.14 from AED 0.10.

Talal Al Dhiyebi, Group CEO of Aldar, highlighted: “We achieved 10 new launches in H1, more than in full-year 2022, and the investment business has seamlessly integrated new acquisitions, with the total value of Aldar’s owned recurring income asset portfolio increasing by almost a third over the last 12 months.”

“Our operating model has proven highly effective at delivering accelerated growth. We look forward to launching our development franchise into Dubai and Ras Al Khaimah in the coming months, and deploying further capital to diversify our investment property platform,” Al Dhiyebi said.

As of 31 March 2023, the ADX-listed firm witnessed net profits attributable to the equityholders at AED 725.65 million, up YoY from AED 667.91 million.