{"id":591180,"date":"2023-08-01T00:00:00","date_gmt":"2023-08-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/"},"modified":"2023-08-01T00:00:00","modified_gmt":"2023-08-01T00:00:00","slug":"aldar-net-income-up-52-y-o-y-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/","title":{"rendered":"Aldar net income up 52% y-o-y in 2Q 2023"},"content":{"rendered":"

Another quarter of record sales at Aldar: <\/strong>Emirati real estate giant Aldar Properties\u2019 net income rose 52% y-o-y in 2Q 2023 on the back of record development sales, according to its earnings release (pdf)<\/a> out yesterday. The Abu Dhabi-based developer\u2019s 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. <\/p>\n

Record quarterly sales:<\/strong> Aldar Development\u2019s 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\u2019s 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. <\/p>\n

Egypt made a contribution:<\/strong> SODIC contributed AED 158 mn (EGP 1.3 bn) to the group\u2019s 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<\/a> SODIC in 2021. <\/p>\n

New expansions around the corner: <\/strong>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. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company reported record quarterly sales for the second time in 2023<\/p>\n","protected":false},"author":1,"featured_media":591181,"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":[215,409,72,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-aldar-properties","tag-earnings-watch","tag-enterpriseam","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"c7bb180a-6aa2-4c8e-b59f-f9181dfccd1e","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 profit rises 52% y-o-y in 2Q 2023","related_issue":[591167],"teaser":"The company reported record quarterly sales for the second time in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.13e826fc-b44a-4184-8534-b076619c3522.mp3"},"yoast_head":"\nAldar net income up 52% y-o-y in 2Q 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aldar net income up 52% y-o-y in 2Q 2023\" \/>\n<meta property=\"og:description\" content=\"The company reported record quarterly sales for the second time in 2023\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-01T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/300.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Aldar net income up 52% y-o-y in 2Q 2023\",\"datePublished\":\"2023-08-01T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\"},\"wordCount\":212,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/300.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Aldar Properties\",\"earnings watch\",\"EnterpriseAM\",\"real estate\",\"SODIC\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/\",\"name\":\"Aldar net income up 52% y-o-y in 2Q 2023 - 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USD 1.4 bn) on acquiring retail and education assets in Egypt, the UAE and Saudi Arabia, CFO Greg Fewer said during a call following the company\u2019s latest earnings release yesterday,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609040,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","url_meta":{"origin":591180,"position":5},"title":"SODIC + Mashreq earnings jump in 9M 2023","author":"enterpriseam admin","date":"30 October 2023","format":false,"excerpt":"Real estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). 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