Handover of residential units increases Aldar’s profit

August 5, 2014 9:22 am

Aldar’s net profit rose 12 % to Dh506m compared with the first quarter this year, The National Business has reported. Compared with a year earlier, profit was 168% higher when excluding one-time merger gains. Year-on-year revenue rose 74% to Dh2.19bn compared with a year earlier. Aldar’s shares closed down 3.1% at Dh3.65. Handover of apartments at Gate Towers on Reem Island and growth in residential leasing revenues, especially from the Al Rayyana development close to Abu Dhabi Golf Club, were drivers behind the growth, according to Aldar.