Abu Dhabi-listed Aldar Properties PJSC (ADX:ALDAR) has announced its first-half results for the current year, with net profit (after tax) jumping 57 percent to AED 3.3 billion (around $900 million) in the first six months of 2024, while pre-tax profits rose 61 percent to AED 3.9 billion (around $1.06 billion).
The company's business results showed a 73 percent year-on-year growth in revenues to AED 10.9 billion, compared to AED 6.3 billion recorded in the first half of 2023.
According to the company's statement, which Sky News Arabia reviewed, the most prominent financial results for the first half of 2024 are:
Development project sales witnessed strong growth, achieving AED 14 billion during the first half, an increase of 21 percent year-on-year, supported by strong demand for new projects and existing inventory.
Continued strong demand from international and resident buyers, as their purchases amounted to AED 10.2 billion, or 79 percent of Aldar's sales in the UAE during the first half.
The volume of accumulated revenues from development projects reached a record level of AED 39 billion, in addition to recording the highest revenues in the UAE at AED 33.2 billion, indicating revenue growth in the coming years.
Aldar has sufficient cash to support its growth plans, including AED 3.6 billion in cash on hand, AED 7.6 billion in undrawn bank facilities, and AED 6.2 billion in unrestricted cash collateral balances. The company also achieved revenues of AED 5.3 billion in the second quarter, growing 64% year-on-year, and net profit after tax in the second quarter of 2024 amounted to approximately AED 1.8 billion, growing 37% year-on-year.
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