Abu Dhabi News: Aldar Real Estate Profit Increases 54% in Apr-Jun 2022

Real Estate Profit attributable to shareholders was $218.91 million for the three months ended June 30, up from 520.83 million a year earlier.

Aldar Profit Real Estate Increases 54 In Apr Jun 2022

Aldar Real Estate Profit Increases 54% in Apr-Jun 2022

DUBAI Real Estate Property News: On Thursday, Aldar Properties, the company that built the Formula One motor racing circuit in Abu Dhabi, announced a 54 percent increase in second-quarter earnings. This increase was assisted by record sales, which were driven by high demand both locally and internationally.

The profit that is attributable to shareholders increased to 803.99 million dirhams ($218.91 million) for the three months that ended on June 30, as opposed to 520.83 million dirhams for the same period in the previous year.

The total amount of group sales for the quarter was 3.12 billion dirhams, representing a 33 percent increase.

In addition to this, the Abu Dhabi developer said that it has reached a deal with the Abu Dhabi state fund Mubadala Investment Company to buy four commercial buildings that are a part of Abu Dhabi Global Market, which is the emirate’s international financial centre.

According to what was found, the Al Sila, Al Sarab, Al Maqam, and Al Khatem towers are each worth 4.3 billion dirhams. Together, they have a net leasable area that is equal to 180,000,000 square metres.

During a call with reporters, Aldar’s chief financial and sustainability officer, Greg Fewer, said that the business had 5 billion dirhams of additional equity capital that will be invested over the course of the next year.

As its currency is pegged to the dollar, the Central Bank of the United Arab Emirates announced on Wednesday that it would be increasing its base rate by three quarters of a percentage point, to 2.4 percent, effective from Thursday. This move is being made in parallel with the increase being made by the Federal Reserve in the United States.

Fewer stated that the fact that Aldar has a large number of cash purchasers makes it less likely that there is a clear link between house sales and long-term interest rates at the firm.

However, he predicted that the costs of borrowing would be affected.

“We are in a very fortunate position because we pre-hedged our investments and bought swaps throughout the last year when interest rates were fairly favourable. As a result, we have already secured fixed rates on well over a billion dirhams worth of financing in preparation for the purchases that we have been carrying out “he stated.

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It is my pleasure to welcome you to civilexperiences.com, a website created and managed by Dudhat Aakash. In addition to having a Bachelor's degree in Civil Engineering

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