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UAE’s Aldar Properties on Wednesday reported a 26 percent jump in its Q1 2022 net profit (y-o-y) to 688 million dirhams ($187 million) amid strong demand for property.
The effort missed analysts’ mean estimate of 768 million dirhams, according to Refinitiv data.
Revenue grew 32 percent to 2.68 billion dirhams, the developer said in a bourse filing on the Abu Dhabi Securities Exchange where its shares are traded.
Aldar, the biggest developer in Abu Dhabi by market value, said it has a strong liquidity position, with 5.6 billion dirhams of free cash and 4.9 billion dirhams of committed undrawn facilities.
Talal Al Dhiyebi, Group Chief Executive Officer, said in the coming months Aldar will capitalise on a robust deal pipeline to further broaden asset base.
"With demand for quality Abu Dhabi property remaining strong among investors and end users, we will also ramp up development activity and new project launches, particularly on the expanded strategic land bank on Saadiyat Island."
(Writing by Brinda Darasha; editing by Seban Scaria)
