Abu Dhabi - Mubasher: Aldar Properties, a leading property developer in the UAE, reported a 7% year-on-year increase its net profit for the second quarter of 2019.

Net profit reached AED 476 million in Q2-19, versus AED 445 million in the same quarter of 2018, according to a press release on Thursday.

Revenue hiked by 10% during the three-month period ended 30 June 2019 to AED 1.66 billion from AED 1.51 billion in Q2-18, Aldar Properties revealed.

The company’s gross profit hit AED 669 million in Q2-19, up 3% from AED 649 million in the year-ago period.

Development management registered a growth of 17% in revenue to AED 692 million in Q2-19 on the back of activity on key developments under construction and higher third-party development management fees.

Moreover, off-plan development sales jumped by 129% year-on-year to AED 853 million during the April-June period of 2019, supported by the launch of Lea Yas Island and Alreeman II.

In the first half of 2019, the company recorded a robust net profit of AED 969 million, down 13% year-on-year, backed by healthy performance of core business operations.

Revenue for H1-19 grew by 15% to AED 3.42 billion from AED 2.98 billion in the corresponding period of 2018.

Gross profit reached AED 1.39 billion during the six-month period ended 30 June 2019, up 2% from AED 1.36 billion in H1-18

Aldar’s balance sheet remains strong with cash plus available and undrawn liquidity lines of AED 7.3 billion as at 30 June 2019.

As for asset management, net operating income (NOI) increased by 7% year-on-year to AED 827 million in H1-19.

Talal Al Dhiyebi, CEO of Aldar Properties, commented: “There is an upswing in sentiment towards Abu Dhabi‘s real estate market with the recent announcement of our AED 9 billion worth of development projects since the start of 2019. Those, coupled with government initiatives to spur economic growth, are having a positive multiplier effect on the wider Abu Dhabi economy and stirring confidence.”

“This is reflected in our strong performance for the period, underpinned by near AED 2 billion in off-plan sales. Also, we are investing wisely, extracting more value from our investment portfolio, which is contributing to our growth. The wheels of change are in motion and Aldar is well-positioned and well-funded to capitalise on emerging opportunities,” he added.

In Q1-19, Aldar Properties, listed on the Abu Dhabi Securities Exchange (ADX), reported a 26% year-on-year decrease in its net profit, recording AED 493 million.

The company’s revenue rose by 20% in Q1-19 to AED 1.76 billion from AED 1.47 billion in Q1-18.

Concerns arise amid investors in Dubai’s real estate market over the increase in the number of offered units ahead of demand, in addition to the decline in prices.

However, developers are exerting efforts to ensure the fast delivery of new projects, according to a report Property Finder Trends report for the first six months of 2019.

In the first half of 2019, a total of 20,978 residential units were completed, including 14,999 apartments, 1,084 serviced apartments, and 4,895 villas and townhomes.

Moreover, 38,426 residential units have undergone great progress since July, which were planned to be completed by year-end.

“With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units,” director of data and research at Property Finder, Lynnette Abad, said.

As per Property Finder’s data, overall residential stock in Dubai is expected to hit 637,000 units by the end of next year.

Dubai – Mubasher: DAMAC Properties Dubai Company (DAMAC Properties) disclosed net profits worth AED 82 million during the first half of 2019.

Gross profits for the same period stood at AED 502 million, reflecting gross profit margins of 27%, according to the company’s filing to the Dubai Financial Market (DFM) on Wednesday.

Total assets of the DFM-listed firm stood at AED 24.7 billion during H1-19, compared to AED 25.2 billion as of 31 December 2018.

DAMAC’s total revenues reached AED 1.9 billion during the six-month period ended June, while booked sales reported at AED 1.8 billion over the same period.

Moreover, DAMAC has reduced its gross debt by AED 1.4 billion in the last 12 months, as gross debt stood at AED 4.1 billion by the end of June.

It is worth noting that DAMAC delivered 1,476 units in the first half of the year, including the first-ever handover in AKOYA, the Company’s largest master development.

“We have made significant progress in our master communities, DAMAC Hills and AKOYA, and both communities are welcoming many more residents this year. We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Hussain Sajwani, chairman of DAMAC Properties, commented.

Abu Dhabi – Mubasher: Manazel Real Estate posted a 3% year-on-year profit rise during the first half of 2019.

Net profits stood at AED 136.9 million in H1-19, compared to AED 132.9 million in H1-18, according to the company’s filing to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

General expenses of the real estate developer fell by 27% to AED 25.4 million during the first six months of 2019, from AED 34.9 million in the corresponding period last year.

As for revenues, they inched down by 2% to AED 506.2million during the six-month period ended June, versus AED 516.6 million in the same period a year ago.

By: Mahmoud Gamal

Dubai – Mubasher: Damac Properties Dubai Company is considering investment opportunities outside the UAE to maximise its profits, head of investor relations at the Dubai-listed developer, Amr Aboushaban, told Mubasher on Wednesday.

The company is planning to expand in both Saudi Arabian and British markets, the top official added.

Aboushaban revealed that Damac has completed small projects in five countries, including Saudi Arabia, Qatar, and Lebanon, during the last five years.

There are good opportunities in Britain and Saudi Arabia, but the company is facing some challenges in the latter, on top of which the overpricing of lands and the slowdown in the luxurious properties market, he remarked.

Aboushaban maintained that his company is not currently attracted to the Egyptian market because its nature is not compatible with the company’s mechanisms.

He revealed to Mubasher that Damac’s debt has declined by 30% to reach $1.05 billion, adding that the company’s liquidity went down to $1.52 billion (AED 5.6 billion), from $2 billion (AED 6.1 billion).

The real estate company is planning to deliver 4,000 residential units in 2019, which will increase the number of units delivered by Damac since its establishment to more than 25,000, Aboushaban said.

Damac Properties’ net profit dropped 91% year-on-year during the first half of 2019, recording AED 81.6 million.

Translated by: Muhammad Abdul-Wakeel

Dubai – Mubasher: Damac properties’ stock, listed on the Dubai Financial Market (DFM), rose marginally following the company’s clarification regarding the acquisition of two land plots in Al Sufouh and Business Bay areas in Dubai.

By 10:56 am UAE time, the stock added 0.02 points, or 1.83%, to AED 0.93 after seeing a trading volume of 3.053 million shares that were exchanged at a turnover of AED 2.871 million through 16 transactions.

Earlier this day, Damac announced that negotiations regarding the acquisition of two plots of lands in Al Sufouh and Business Bay areas in Dubai offered by DICO Properties Co LLC have not been finalised yet.

Moreover, the company will announce the value of the transaction once completed and its impact on the company’s financial status in terms of income and profits.

It is worth noting that Damac Properties had reported a net profit of AED 82 million for the six-month period ended 30 June 2019.