Aldar Properties, a leading developer based in Abu Dhabi, said it has reported a revenue of Dh1.76 billion ($479 million) in the first quarter of 2020, unchanged from the same period a year ago, demonstrating the fundamental strength of its diversified Development Management and Asset Management businesses.
Announcing the results for the first three months ending March 31, 2020, Aldar pointed out that its gross profit of Dh699 million remained stable at 40%, while its net profit soared to Dh302 million, driven by diversified, multi-asset class portfolio.
From the onset of the global Covid-19 health crisis, Aldar had prioritised safeguarding the health and wellbeing of its employees, customers, contractors and communities.
Adhering to UAE health authorities' regulations and guidance, the company swiftly implemented strict hygiene and sanitation measures across all its assets, it stated.
Furthermore, in line with Abu Dhabi's wide-ranging initiatives to alleviate the economic impact of Covid-19, Aldar rolled out in March support programmes worth up to Dh190 million to assist tenants, homebuyers, students and business partners. These include introducing rental and school fee payment plans and support for SMEs, it added.
On the Q1 performance, Chairman Mohamed Khalifa Al Mubarak said: "Abu Dhabi's leadership has been proactive and resolute in safeguarding the health of its residents and the economy. The comprehensive response by the Government and Central Bank is supporting confidence and positioning the Abu Dhabi market for an effective recovery."
"As an industry leader, Aldar will continue to play a transparent and responsible role towards a more sustainable future. We are proud of the collaborative community spirit which reinforces Abu Dhabi's sense of home for citizens and residents alike," he stated.
CEO Talal Al Dhiyebi said: "As a leading Abu Dhabi company, we acted decisively to safeguard the health and safety of our people and customers and engaged responsibly by launching a comprehensive support package for our business partners and communities."
"We were able to tackle rapidly evolving conditions, while remaining steadfast in paying a 2019 dividend of Dh1.14 billion and delivering a strong first-quarter performance," he stated.
According to him, the Abu Dhabi developer's strength lies in a well-balanced, diversified business model and a robust balance sheet.
"We benefit from the financial firepower to weather the current global crisis, and to take advantage of attractive opportunities to expand our investment portfolio. Aldar continues to prudently manage its business to mitigate the impact of the global crisis and enhance long-term value for our stakeholders," he added.
During the first quarter, Aldar's Development Management business made significant progress across its projects and reported development revenue of Dh808 million, a 13% year-on-year increase, driven by progress on recently awarded development management government projects valued at Dh5 billion, including the new twofour54 campus on Yas Island.