UAE-based Aldar Properties reported a 62% jump in its quarterly profit as property sales surged.

Abu Dhabi’s biggest listed developer said it made a Q2-2022 net profit of AED841 million ($229 million) as revenue rose 22% to AED2.67 billion driven by strong sales of its local and international inventory.

The net profit far exceeded analysts' mean estimate of AED621 million, according to data provider Refinitiv.

The developer has AED5 billion ($1.36 billion) of equity capital waiting to be deployed over the next 12 months.

Aldar is now looking to scale its portfolio--specifically in the education and logistics sectors--as well as "expand our geographical footprint across UAE, Egypt, and Saudi,” it said in a statement on ADX.

Aldar said it has a projects backlog of AED57.6 billion at the end of Q2-2022, versus AED41.2 billion in the year-ago period. The backlog, which includes project additions across infrastructure, community buildings, schools, and national housing, "provides visibility of future earnings for the next 4 years."

For H1-2022, the group posted a 44% increase in net profit to AED1.53 billion.

In a separate statement on Thursday, Aldar said it agreed to acquire four towers in Abu Dhabi Global Market from Mubadala for AED 4.3 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)