Aldar reveals $137.7mn net profit for Q2 2014

Figures are 12% increase from Q1 and up 168% from Q2 2013

Gate Tower.
Gate Tower.

Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and management company, has announced a net profit of AED506mn ($137.7mn) for the second quarter of 2014, an increase of 12% from Q1 2014 and an increase of 168% from Q2 2013 after adjusting for one time effects booked at the time of the merger with Sorouh1.

Revenues for Q2 2014 were AED2,194mn ($597,323) up 74% from Q2 2013.

The net profit for the second quarter was primarily driven by the continued handovers of units at the Gate Towers and strong growth in residential leasing revenues on the back of a successful leasing campaign principally at the Al Rayyana development.

Commenting on the results, Mohammed Khalifa Al Mubarak, chief executive officer of Aldar Properties, said: "We have seen another robust set of quarterly numbers reflecting focussed execution as we continue handing over high-quality units at the Gate and further reduced our cost of borrowing.

"The operational achievements during the quarter have been particularly impressive with sales and leasing activity at an all-time high, as our residential properties continue to benefit from a flight to quality. Looking ahead, we have made a strong start with the new development pipeline with project launches that have opened up the Abu Dhabi off-plan sales market.

"These launches will help to drive future earnings growth as we start to monetise our extensive land bank for the benefit of our shareholders." 

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