Thu 13-08-2020 11:26 AM
ABU DHABI, 13th August, 2020 (WAM) -- Aldar Properties today reported a 21% year-on-year increase in revenue to AED2.01 billion in the second quarter of 2020, due to a strong performance from the development business.
According to a press release issued by the company on Thursday, net profit for the second quarter increased 2% from the previous year to AED484 million.
Revenue growth was driven by robust demand for its prime developments and infrastructure-enabled land, while Aldar continued to earn steady fee income from its third-party development management business. The Abu Dhabi real estate market is being underpinned by government incentives for home buyers, fiscal stimulus measures and programmes to promote private sector growth.
Talal Al Dhiyebi, Chief Executive Officer of Aldar, said, "Aldar’s highly sustainable and diversified business model is demonstrating strong earnings power even in a challenging global macro-economic environment.
Abu Dhabi’s real estate fundamentals remains well supported. The market benefits from well managed supply and a strong investor base is displaying confidence and fueling demand for quality developments in prime locations.
Aldar’s development business had a stand-out quarter, adapting quickly to arrange innovative financing packages and to roll out digital solutions, ensuring service excellence for our customers. This drove growth in revenue and profits, and strong cashflow generation."