Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters

Aldar Properties Q1 net profit surges 80%, partly helped by one-off gain | Reuters

Abu Dhabi's Aldar Properties (ALDAR.AD) posted an 80% rise in first-quarter net profit, partly helped by a one-off gain from completion of a property transaction with state-backed ADQ.

Net profit jumped to 544 million dirhams ($148.12 million) in the quarter that ended March 31, from 302 million dirhams in the same period a year earlier.

Aldar late last year agreed to take over the management and development of government capital projects worth 30 billion dirhams under a memorandum of understanding with state-backed ADQ.

Even without the one-off gain, Aldar's quarterly net profit rose 47%. EFG Hermes had projected a net profit of 370 million dirhams for the property firm.