Abu Dhabi’s Aldar Properties posts 54 percent increase in Q2 profit

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Aldar Properties, the builder of Abu Dhabi’s Formula One motor racing circuit, reported a 54 percent rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand.

Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million dirhams a year earlier.

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Group sales in the quarter rose 33 percent to 3.12 billion dirhams.

The Abu Dhabi developer also said it signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate’s international financial center.

The al-Sila, al-Sarab, al-Maqam and al-Khatem towers, which have a total net leasable area of 180,0000 square metres, are valued at 4.3 billion dirhams, it said.

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