Aldar posts 9.7% rise in Q2 net

03/08/2016 05:45 AST

Aldar Properties on Tuesday reported a 9.7 per cent rise in second-quarter net profit,. The net profit of Dhs657.4 million ($179 million) in the three months to June 30, disclosed in a bourse filing, was the eighth successive quarter of rising earnings for the firm. It made Dhs599.2 million in the year-earlier period.

SICO Bahrain had forecast Aldar would make a quarterly profit of Dhs384.1 million. Aldar remained bullish in its outlook, retaining its guidance to hand over 1,500 residential units this year.

“There is still demand in Abu Dhabi for the right product and the right location,” Talal al-Dhiyebi, the firm’s chief development officer, said on a media conference call.

Aldar’s second-quarter revenue was Dhs1.70 billion, up from Dhs1.11 billion a year earlier as it made more than Dhs1 billion of off-plan sales.


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