Aldar Properties has reported a net profit for the second quarter of financial 2011, with strong sales and rental demand boosting the bottom line.
It was the second consecutive profitable quarter for the largest property developer in the United Arab Emirates, with the openings of properties in the Al Gurm, Al Bandar and Al Raha Gardens regions of Abu Dhabi boosting revenue.
Aldar made a second-quarter net profit of US$34.6 million compared with a loss of $129 million in the same period last year.
“The first half of 2011 has seen a continued focus on our core business, the prioritisation of current projects and cash flow management,” explained Ali Eid al Mehairi, chairman of Aldar.
Aldar is also behind such iconic projects as Ferrari World, Yas Island and Abu Dhabi’s Central Market.
Revenue during the first half of 2011 increased 300 per cent, up to $420 million from $116 million for the same period last year.
Shares in Aldar ended 1.6 per cent higher at 1.3 dirhams a share on the Abu Dhabi bourse earlier.
Sales of homes and land accounted for £223 million in revenue in the first half, while recurring revenue from investments and on-going businesses more than doubled to $198 million.
Aldar ended the first half of the year with $1.4 billion in cash and bank balances.
Ferrari World was one of the icononic properties built by Aldar
Also in the Middle East today, City.Mobi is celebrating the success of its new guide to Abu Dhabi.
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