Abu Dhabi based real estate developer Aldar Properties has announced its financial results for the first half of 2018, delivering a resilient performance across the business. 

Commenting on the results, Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties said, "Aldar delivered a solid underlying performance for the first half of 2018 alongside a number of landmark announcements. In the development business, we launched a new master-planned community Alghadeer and reinforced our reputation for delivery as we commenced handover of land plots and villas at Nareel Island, Al Merief and West Yas." 

At a glance:

• Aldar announced and completed the acquisition of AED 3.6 billion of assets from TDIC 
• Revenue in H1 2018 up 2% to AED 3.0 billion 
• Gross profit in H1 2018 up 5% to AED 1.4 billion
• 77% of properties sold across entire development portfolio 

"We have cemented our position as Abu Dhabi's leading real estate investment company by completing one of the country's largest ever real estate acquisitions. The transaction, completed in just 60 days after being announced, adds AED 3.6 billion of strategic operating and development assets to our existing portfolio, which continues to deliver a resilient and consistent performance, positioning us well for future growth" continued Al Dhiyebi.

Aldar’s financial highlights for the first half of 2018 included an increase in revenue up 2% to AED 3.0 billion, compared with H1 2017 which saw revenue at AED 2.9 billion. This increase was driven by revenue recognition on developments under construction and recent asset acquisition.

A major operational highlight for the developer this year was the completion of an AED 3.6 billion Tourism Development & Investment Company (TDIC) asset acquisition, within just 60 days of it being announced. The acquisition was one of the largest real estate acquisitions in the country’s history and saw the acquisition of key assets on Saadiyat Island. 

Development sales for the first half of the year were AED 1.1 billion, driven by sales of developments under construction, and two newly launched developments that build on Aldar's destination strategy. Alghadeer, a new AED 10 billion, 14,408 unit masterplan that sits within Aldar's Seih Al Sdeirah landbank on the border between Abu Dhabi and Dubai was launched at Cityscape Abu Dhabi in April 2018. Reflection, launched in March 2018, is a boutique residential development on Reem Island expanding Aldar's portfolio of mid-income developments in a city location.   
 
Occupancy remains healthy across the portfolio. Residential occupancy as of 30 June 2018, stood at 91%, while occupancy in the commercial portfolio was 91% and Yas Mall was steady at 89%. The hospitality portfolio recorded occupancy of 74% during the first six months of 2018.

For more information on Aldar's results of H1 2018, email Aldar Properties via the contact details below.

To see the full Aldar H1 2018 report, visit the Aldar Properties website.

Source: Aldar Properties PJSC.

See also:

Aldar announces AED 3.7 billion real estate acquisition - the largest in UAE history

Abu Dhabi rapidly expanding as developments on Yas, Saadiyat and Reem Islands make headway

Palatial villa with a private beach for sale, just minutes from Abu Dhabi