UAE’s Aldar Properties reports 26.5% Q1 jump

UAE-based developer Aldar Properties on Wednesday reported a 26.5 percent increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.

The company made AED 688 million ($187 million) in the quarter, up from 544 million a year earlier, it said. Revenue was up 31.5 percent to AED 2.68 billion.