DUBAI, Feb 9 Reuters Abu Dhabiheadquartered developer Aldar Properties reported a 39 rise in fourthquarter profit on Friday, supported by higher sales.

Net profit rose to 1.4 billion dirhams about 381 million, boosted by a 40 jump in revenue to 4.4 billion dirhams. The profit beat an average analysts39; estimate of 805 million dirhams, according to LSEG data.

Net profit for 2023 surged 40 to 4.4 billion dirhams, driven by fullyear sales of 27.9 billion dirhams and a push on international expansion last year.

The company said its liquidity position was strong, with 2.9 billion dirhams available in free cash and 7.5 billion dirhams in undrawn credit facilities.

Earlier this week, Aldar announced plans to invest 5 billion dirhams to build new office, retail and hospitality facilities in its home market of Abu Dhabi by 2027 to address strong corporate demand for Grade A office space.

1 3.6726 UAE dirham

Reporting by Rachna Uppal; Editing by Mrigank Dhaniwala

Source Reuters