DUBAI: Abu Dhabi-headquartered developer Aldar Properties reported a 39% rise in fourth-quarter profit on Friday, supported by higher sales.
Net profit rose to 1.4 billion dirhams (about $381 million), boosted by a 40% jump in revenue to 4.4 billion dirhams. The profit beat an average analysts’ estimate of 805 million dirhams, according to LSEG data.
Net profit for 2023 surged 40% to 4.4 billion dirhams, driven by full-year sales of 27.9 billion dirhams and a push on international expansion last year.
The company said its liquidity position was strong, with 2.9 billion dirhams available in free cash and 7.5 billion dirhams in undrawn credit facilities.
Earlier this week, Aldar announced plans to invest 5 billion dirhams to build new office, retail and hospitality facilities in its home market of Abu Dhabi by 2027 to address “strong corporate demand for Grade A office space”.
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