Another quarter of record sales at Aldar: Emirati real estate giant Aldar Properties’ net income rose 52% y-o-y in 2Q 2023 on the back of record development sales, according to its earnings release (pdf) out yesterday. The Abu Dhabi-based developer’s bottom line hit AED 1.3 bn in the April-June quarter, driven by a 21% y-o-y increase in revenues which hit AED 3.2 bn.

Record quarterly sales: Aldar Development’s sales more than doubled y-o-y to a record AED 7 bn, thanks to a record number of launches and stronger demand from overseas and resident expat buyers in the UAE. Revenues at the company’s investment arm rose 39% to AED 1.2 bn on the back of contributions from acquisitions made in 2022 and strong performance across core real estate assets, along with a recovery in its hospitality portfolio.

Egypt made a contribution: SODIC contributed AED 158 mn (EGP 1.3 bn) to the group’s 2Q revenues. The Egyptian real estate developer reported sales of AED 630 mn (EGP 5.3 bn) during the three-month period. Aldar, together with Abu Dhabi wealth fund ADQ, acquired SODIC in 2021.

New expansions around the corner: The real estate developer plans to launch its development franchise in Dubai and Ras Al Khaimah in the next few months, said Aldar CEO Talal Al Dhiyebi.

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