{"id":586125,"date":"2023-05-07T00:00:00","date_gmt":"2023-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/aldar-properties-profits-up-22-in-1q-2023-says-it-is-long-on-egypt\/"},"modified":"2023-05-07T00:00:00","modified_gmt":"2023-05-07T00:00:00","slug":"aldar-properties-profits-up-22-in-1q-2023-says-it-is-long-on-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/aldar-properties-profits-up-22-in-1q-2023-says-it-is-long-on-egypt\/","title":{"rendered":"Aldar Properties profits up 22% in 1Q 2023, says it is long on Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Record sales drive 22% profit growth at Aldar:<\/span><span style=\"\">Aldar Properties reported a 2<\/span><span style=\"\">2% <\/span><span style=\"\">increase in net profit in 1Q 2023 on the back of rising demand in its domestic market, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/236.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\"> out on Wednesday. The Abu Dhabi-based real estate developer\u2019s bottom line hit AED 836 mn in the January-March quarter, driven by a 14% increase in revenues which hit AED 3.1 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Record quarterly sales:<\/span><span style=\"\"> Aldar reported a record AED 4.5 bn in sales during the quarter, fuelled <\/span><span style=\"font-weight:400;\">by stronger demand among overseas and resident expats. Meanwhile, revenues at the company\u2019s investment arm rose 45% to AED 1.25 bn on the back of rising occupancy rates, higher rental rates, and new acquisitions. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Backlog at all-time high:<\/span><span style=\"\"> The company\u2019s backlog hit a record AED 18.8 bn in 1Q, which it said <\/span><span style=\"\">will provide \u201crevenue visibility over the next 2-3 years.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> Aldar CEO Talal Al Dhiyebi put the strong sales figures down to the company\u2019s <\/span><span style=\"font-weight:400;\">new launches in Abu Dhabi. \u201cThe success of these launches paved the way for our highest ever quarterly sales of AED 4.5 bn, and played a large part in Aldar\u2019s stellar performance during the first three months of the year,\u201d he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Aldar is committed to being a \u201clong-term strategic investor in Egypt,\u201d <\/span><span style=\"\">the company said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/302.pdf\" style=\"\">a disclosure (pdf)<\/a><\/span><span style=\"\"> later on Wednesday after a senior executive at Aldar was quoted by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/uaes-aldar-properties-hold-off-further-egypt-investments-now-2023-05-03\/\" style=\"\">Reuters<\/a><\/span><span style=\"\"> as saying it would be <\/span><span style=\"font-weight:700\">\u201cvery cautious\u201d about new project launches<\/span><span style=\"font-weight:400;\"> in Egypt given current economic conditions. Aldar is majority owner (along with Abu Dhabi sovereign wealth fund ADQ) of upmarket real estate developer SODIC. \u201cSODIC\u2019s future growth potential continues to be positive with a revenue backlog of almost EGP 35 bn. It is also working on expanding its landbank in multiple areas across Egypt, including West Cairo, East Cairo, and the North Coast,\u201d Aldar said.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BACKGROUND-<\/span><span style=\"\"> Aldar and ADQ <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae3ee729-0f45-470b-a78c-bbd118ced392\" style=\"\">acquired<\/a><\/span><span style=\"\"> SODIC in 2021; the Emirati developer <\/span><span style=\"\">has since tried on at least two occasions to grow its footprint here via acquisition (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b630d6b5-670a-41ce-8796-a3e29de7b5fc\" style=\"\">here<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44ac61fb-6353-45b3-96bd-8ea09ebdbee1\" style=\"\">here<\/a><\/span><span style=\"\">)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emirati developer reports record quarterly sales and backlog in the first quarter of 2023<\/p>\n","protected":false},"author":1,"featured_media":586126,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[215,812,409,72,503,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-aldar-properties","tag-beltone-financial","tag-earnings-watch","tag-enterpriseam","tag-financial-services","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"63cfb52c-5c3d-4c16-9357-08ad75cf6add","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar Properties profits up 22% in 1Q 2023 , says it is a long-term investor in Egypt","related_issue":[586104],"teaser":"Emirati developer reports record quarterly sales and backlog in the first quarter of 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.dbbb7e34-8350-4cf7-b0b9-e63ce3063d53.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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