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Aldar’s net profits hit AED 3bn in 9M-23; revenues hike 21%

Aldar’s net profits hit AED 3bn in 9M-23; revenues hike 21%
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Abu Dhabi – Mubasher: Aldar Properties achieved net profits valued at AED 3 billion in the first nine months (9M) of 2023, higher by 41% than AED 2.13 billion in the year-ago period.

Revenue and rental income stood at AED 9.76 billion in 9M-23, an annual rise of 21% from AED 8.06 billion, according to the financial results.

Basic and diluted earnings per share (EPS) increased to AED 0.33 during January-September 2023 from AED 0.25 in 9M-22.

Total assets amounted to AED 70.83 billion in 9M-23, up from AED 61.27 billion as of 31 December 2022.

Financials for Q3-23

In the third quarter (Q3) of 2023, Aldar witnessed 48% year-on-year (YoY) higher net profits at AED 886.72 million, compared to AED 601.16 million.

The revenues hiked by 27% to AED 3.45 billion in Q3-23 from AED 2.71 billion in Q3-22, while the basic and diluted EPS went up to AED 0.09 from AED 0.06.

Mohamed Khalifa Al Mubarak, Chairman of Aldar, highlighted: “Our home market, Abu Dhabi, is bolstered by a robust economy, and a regulatory environment that is conducive to business and investment.”

“This positive backdrop has allowed Aldar to undertake a journey of transformational growth, including entry into regional markets such as Egypt, Ras Al Khaimah, and Dubai,” Al Mubarak said.

In the first half (H1) of 2023, the net profit attributable to the shareholders of the ADX-listed firm climbed to AED 1.92 billion from AED 1.47 billion in H1-22