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ADX rises as Aldar profits jumps over deliveries
Abu Dhabi’s benchmark stock index advanced for the fourth time in five days after profit at the emirate’s largest real estate developers rose on higher home deliveries in the UAE capital.
Aldar Properties gained the most in more than six weeks after the Abu Dhabi developer bailed out by the government last year said first-quarter profit more than doubled.
Sorouh Real Estate, the second-biggest developer in the emirate, gained 1.8 per cent after net income rose 30 per cent. Abu Dhabi’s ADX General Index climbed 0.2 per cent to 2,512.17 close in the emirate. The DFM General Index decreased 0.8 per cent and the Bloomberg GCC 200 Index slipped 0.2 per cent in Riyadh.
Aldar shares rose 4.4 per cent, the biggest gain since March 14, to Dh1.18 dirham. Net income climbed to Dh478.2 million from Dh189.1 million as the company delivered more residential units and boosted revenue from land sales.
Sorouh increased to Dh1.15 in the highest close since April 15. Net income gained to Dh83.6 million from Dh64.3 million a year earlier as home deliveries increased, beating estimates.
In Dubai, Emaar Properties increased 0.3 per cent to Dh3.26 after quarterly net income rose 44 per cent, also beating analysts’ estimates.
In North Africa, Egypt’s EGX 30 Index decreased 0.5 per cent. —
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