Aldar Properties posts 25% rise in Q3 net profit as revenue climbs and new projects unfold

Aldar Properties, the largest listed developer in Abu Dhabi, recorded a 25 percent increase in its net profit for the third quarter compared with the same period a year earlier, driven by higher revenue and the launch of several new projects.

Profit and revenue growth

Net profit attributable to equity holders reached 1.9 billion dirhams ($517.3 million) in the three months to the end of September, the company announced in a filing on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income for the quarter rose 16.4 percent year-on-year to 9.3 billion dirhams.

Shareholding change and expansion

Mubadala Investment Company increased its stake in Aldar from 27.01 percent to 28.03 percent of the company’s issued share capital in August. The developer is broadening its footprint across the United Arab Emirates through new partnerships.

Earlier this month, Aldar agreed to acquire more than 1,100 homes in Sharjah from Arada for 1.1 billion dirhams. The transaction marks Aldar’s first investment in Sharjah. It covers nine buildings within three residential blocks at Aljada, Arada’s flagship mixed-use development, with delivery scheduled for the fourth quarter of 2029.

This acquisition follows a 15-billion-dirham development partnership announced last month between Aldar and Arada, which includes the development of new projects on the Abu Dhabi-Dubai border.

Upcoming Dubai development

Aldar also plans to launch a major development of villas and townhouses in Dubai by the end of this year as part of its expansion across the country, Jonathan Emery, chief executive of Aldar Development, told The National in London this month.