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Aldar Properties Q2 gross profit rises YOY

United Arab Emirates-based Aldar Properties PJSC said its gross profit for the second quarter amounted to 669 million dirhams, a 3% rise from 649 million dirhams in the prior-year period.

Net profit for the quarter came to 476 million dirhams, up 7% from 445 million dirhams in the prior-year period.

Second-quarter revenue grew 9.9% on an annual basis to 1.66 billion dirhams from 1.51 billion dirhams.

For the first half, Aldar's gross profit was up 2% year over year to 1.39 billion dirhams from 1.36 billion dirhams.

Net profit for the first half came in at 969 million dirhams, marking a 13% year-over-year decline that was attributed primarily to legacy one-off income events in the year-ago period.

First-half revenue jumped 15% to 3.42 billion dirhams from 2.98 billion dirhams in the year-ago period.

As of Aug. 7, US$1 was equivalent to 3.67 dirhams.