Abu Dhabi-listed Aldar Properties netted $182m (AED668m) in profits during the first quarter of 2018, an increase of 4% from its Q1 2017 net profit of $175m (AED641m).
The company’s Q1 2018 highlights also included recording $408.4m (AED1.5bn) in revenue and $194.7m (AED715m) in gross profit.
Its development sales reached $185.4m (AED681m), while its asset management business delivered a net operating income of $107.8m (AED396m).
Moreover, the quarter saw the developer complete the delivery of its Ansam and Al Hadeel properties, start the handover of its Nareel Island and Al Merief land plots, and award the main contract, valued at $353.9m (AED1.3bn), for its Water’s Edge project to Trojan General Contracting.
In March, Aldar launched a $120m (AED440m), 374-unit boutique residential development on Reem Island called Reflection, on the heels of announcing its partnership with Dubai’s Emaar Properties.
Commenting on the results, Aldar CEO Talal Al Dhiyebi said: “Aldar started 2018 strongly with the announcement of an historic partnership with Emaar to develop the next era of iconic real estate destinations.
“The initial AED30bn ($8.1bn) pipeline of projects, including Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, is just the start of this partnership, which will enhance our country’s reputation as a destination of choice for residents and tourists alike.”
He continued: “Our launch of a boutique development on Reem Island, Reflection, shows the continued momentum in our development business, which recorded sales of AED681m ($185.4m) during the quarter, while our asset management business also continued to deliver a resilient performance.”
Meanwhile, the developer started Q2 2018 with the launch of the $2.7bn (AED10bn) Alghadeer masterplan, which will be developed within the company's Seih Al Sdeirah land bank, close to the border of Abu Dhabi and Dubai.
And earlier this month, the company revealed that it had acquired real estate assets, with a total value of $1bn (AED3.7bn), from Tourism Development & Investment Company (TDIC).
“Our acquisition of […] assets from TDIC last week, including a portfolio of assets in the prime Saadiyat Island destination, as well as the launch of Alghadeer in April, cements our reputation as Abu Dhabi’s leading real estate developer and asset manager and underlines the scale of our ambitious plans for future growth,” Al Dhiyebi added.