A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi, January 28, 2013. The state-backed union of Abu Dhabi's two biggest property developers is likely just the first step in a wider consolidation that will see projects and state entities merged in a bid to stabilise the real estate market. After nearly a year of talks between some of the emirate's top business moguls and government officials, Aldar Properties and Sorouh Real Estate agreed last week on a merger which will create a company with $13 billion in assets. Picture taken January 28, 2013. To match ALDAR-SOROUH/ REUTERS/Ben Job (UNITED ARAB EMIRATES - Tags: REAL ESTATE BUSINESS)

A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi, January 28, 2013. (File photo: Reuters)

UAE’s Aldar Properties reports 26.5 percent Q1 profit jump

United Arab Emirates

Follow Followed Unfollow

Reuters, Dubai

Published: 27 April ,2022: 12:27 PM GST Updated: 27 April ,2022: 01:01 PM GST

Emirati developer Aldar Properties (ALDAR.AD) on Wednesday reported a 26.5 percent increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.

The company made AED 688 million ($187 million) in the quarter, up from 544 million a year earlier, it said.

Revenue was up 31.5 percent to AED 2.68 billion.

For the latest headlines, follow our Google News channel online or via the app.

UAE’s Aldar Properties buys $210 million beach property in Ras Al Khaimah

UAE’s sovereign investment fund Mubadala announces partnership expansion with Apollo

Get the latest stories from AlArabiya on Google News