Aldar Properties, an ADX-listed firm, demonstrated significant growth in the first nine months of 2023, with a notable expansion into regional markets such as Egypt, Ras Al Khaimah, and Dubai. The company's net profits surged by 41% year-on-year (YoY) to AED 3 billion, while revenues and rental income increased by 21% to AED 9.76 billion. Earnings per share (EPS) rose from AED 0.25 to AED 0.33, and total assets expanded from AED 61.27 billion at the close of 2022 to AED 70.83 billion.
In the third quarter of 2023 alone, Aldar recorded a substantial YoY increase in net profits of 48%, reaching AED 886.72 million. Revenues for Q3-23 also climbed by 27% to AED 3.45 billion from AED 2.71 billion in Q3-22. The EPS for Q3-23 enhanced to AED 0.09 from AED 0.06 in Q3-22.
The company's remarkable growth and regional market entry have been attributed to Abu Dhabi's robust economy and a conducive regulatory environment.
Commercial Bank of Dubai announces significant profit increase
In related news, the Commercial Bank of Dubai (CBD) reported a substantial YoY net profit increase of 46.40% for the first nine months of 2023, reaching AED 1.93 billion, up from AED 1.32 billion during the same period last year, according to unaudited financials announced by CEO Bernd van Linder.
The bank's total income surged by 36.60% annually to AED 3.71 billion, with basic and diluted EPS increasing to AED 0.63 from AED 0.42. Total assets of CBD grew by 7.20% to AED 126.02 billion, while customer deposits rose by 5.70% to AED 86.44 billion.
In Q3-23, CBD's net profits jumped by 9.20% to AED 710.08 million from Q2-23's AED 650 million, and operating income increased by 2.50% to AED 1.25 billion from Q2-23's AED 1.22 billion. Linder underscored the bank's strategic objectives and exceptional performance outcomes for the year and beyond.
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