Aldar Properties profit slips but optimism remains

Its mid-market development The Bridges has sold out

Aldar has sold out the The Bridges, it said. Courtesy Aldar

Aldar Properties, the biggest publicly traded real estate developer in Abu Dhabi, said second quarter net profit slipped 5.2 per cent amid a drop in revenues as well as higher selling, marketing and financing costs.

The company, however, sounded a note of optimism going forward, saying that its mid-market development The Bridges that was launched in April had sold out generating Dh600 million in new sales.

Net profit declined to Dh620m in the three months ended June from Dh654m in the same period last year. Revenues in the second quarter dropped to Dh1.35 billimn compared to Dh1.69bn in the same period last year.

“Aldar has delivered a solid set of results for the first half of the year. Robust occupancy across our portfolio of investments demonstrates our resilience as an asset manager and the success of our most recent residential development, The Bridges, clearly shows there is strength in the Abu Dhabi property market," said Mohamed Khalifa Al Mubarak, the chief executive of Aldar Properties.

"The unprecedented response to The Bridges, which sold out in a matter of weeks, showcases the opportunities presented by the mid-market and supports our strategy to continue to focus on this segment.