Aldar Properties posted a net profit of Dhs544 million for Q1-2021, an increase of 80% year on year (YoY). As shown in a company report, income increased 16% year on year to Dhs2.0 billion, owing to substantial growth in property construction revenues and a ramp-up of a project management market.

Gross profit increased 11 % year on year to Dhs776 million, with Aldar Development contributing slightly more. Aldar reported a one-time benefit due to the recently negotiated deal with ADQ, whereas fair market value changes on investment assets declined from the previous year.

Net profit rose by 80% year on year to Dhs544 million. Since balancing for the one-time income from the ADQ sale, the Group's core net income rose by 47% year on year.

Talal Al Dhiyebi, Group Chief Executive Officer of Al Dar Properties, elaborated on the company's financial progress, saying, "We have managed a good start to the year across Aldar's diverse industries, as our innovative operating model delivers growth and quality.  Aldar Development's solid sales quarter reflects a return to customer interest and our willingness to satisfy the demand from a diverse spectrum of customers, with foreign citizens and other global investors responsible for an increasing proportion of residential transactions”.

With groundbreaking product releases, we must begin to capitalize on the high-demand momentum. Amid the effects of the global pandemic on tourism-focused properties, Aldar Investment delivered a robust result, demonstrating the importance of aggressive asset management, cost-cutting strategies, and the capability of our diverse portfolio. Furthermore, Aldar's value proposition as a trustworthy brand is strengthened by our constructive interaction with our stakeholders.