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UAE developer Aldar Properties posted a 22% year-on-year increase in net profit to AED836 million ($228 million) in the first quarter of 2023, and said it expected “strong real estate market dynamics” to continue into 2023.
Net profit handily beat analysts’ average estimate of 747.7 million dirhams, according to data compiled by Refinitiv’s Eikon.
Group revenue rose 14 percent year-on-year to AED3.1 billion in the quarter, the developer said in a statement to the Abu Dhabi Stock Exchange on Wednesday.
Group sales more than doubled to AED 4.5 billion, their highest ever quarterly sales, driven by strong demand from the UAE’s growing base of overseas and resident expatriate buyers.
It added that it has a development revenue backlog of AED18.8 billion “providing revenue visibility over the next 2-3 years”.
Abu Dhabi’s largest listed developer, which has been pushing for acquisitions over the last year, said it “has a lot of dry powder that can be used for disciplined capital allocation to drive profitable growth, scale and diversify.”
The company has free cash of AED 6.1 billion and committed undrawn loans of AED 4.4 billion. It is “well-positioned to capture attractive growth opportunities”.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
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