Aldar Properties pjsc (ADX:ALDAR) has delivered an outstanding performance for the first nine months of 2024, reporting a remarkable 52% surge in net profit to AED 4.6 billion and achieving group sales of AED 24 billion. This significant growth underscores Aldar’s strategic success in leveraging robust market demand, international partnerships, and an increasingly diversified portfolio, setting a strong foundation for sustained growth in the coming years.
Net profit surges 52% to AED 4.6 billion with group sales reaching AED 24 billion
Q3/9M 2024 Group Highlights
- Strong development sales momentum of AED 24 billion in the first nine months of 2024, up 24% YoY, driven by solid demand for new launches and inventory.
- Three new project launches in Q3: Verdes by Haven in Dubai, The Arthouse on Saadiyat Island, and Yas Riva, taking total year-to-date launches to eight.
- Continued growth of overseas and expat resident customers accounting for 76% of UAE sales, standing at AED 15.3 billion by the end of September.
- Diversified group backlog reaching a record AED 48.6 billion, with the highest-ever UAE backlog of AED 40.5 billion, ensuring revenue recognition over the next 2–3 years.
- Strategic replenishment of landbank to support future growth in Abu Dhabi and overseas, including 10 site acquisitions in London this year.
- Revenue from Aldar Investment reached AED 5 billion for the first nine months, marking a 24% YoY increase, supported by strategic acquisitions.
- Strategic partnership with Mubadala for assets valued at AED 30 billion in Abu Dhabi to drive diversification and value for the business.
- Strengthened presence in Dubai with a new commercial sector project and a joint venture with Expo City Dubai.
- Ample liquidity for growth with AED 9.5 billion in free and unrestricted cash and AED 8.4 billion in undrawn credit facilities.
Key Financial Metrics
| Metric | 9M 2024 | YoY Change | Q3 2024 | YoY Change |
|---|---|---|---|---|
| Revenue | AED 16.5 bn | +69% | AED 5.6 bn | +61% |
| Gross Profit | AED 5.7 bn | +42% | AED 1.8 bn | +40% |
| EBITDA | AED 5.4 bn | +55% | AED 1.5 bn | +41% |
| Net Profit (after tax) | AED 4.6 bn | +52% | AED 1.3 bn | +41% |
Tax Impact: Aldar’s effective tax rate for 9M 2024 was 3.9% following the introduction of UAE corporate income tax on 1 January 2024. Pre-tax profit increased by 55% to AED 4.8 billion for 9M 2024.
CEO and Chairman Statements
Talal Al Dhiyebi, Group CEO:
“Aldar’s success is a testament to the UAE’s robust domestic investment climate and international appeal. This environment has allowed us to scale rapidly while maintaining a balance between record development sales and recurring income streams. Strategic reinvestment and partnerships ensure further growth and value creation.”
H.E. Mohamed Khalifa Al Mubarak, Chairman:
“Our remarkable growth is driven by international demand and diversification across segments. We remain confident in maintaining this trajectory, creating value for our shareholders and stakeholders alike.”
Aldar Development
- Revenue: AED 11.4 billion (9M 2024), +95% YoY.
- Group Sales: AED 24 billion (9M 2024), +24% YoY.
- UAE Sales: AED 20.2 billion (9M 2024), +19% YoY.
Highlights:
- Record backlog of AED 48.6 billion, with visibility over the next 2–3 years.
- Three new launches in Q3, including Verdes by Haven in Dubai, achieving record prices on Yas Island.
Aldar Investment
- Revenue: AED 5 billion (9M 2024), +24% YoY.
- Adjusted EBITDA: AED 2 billion (9M 2024), +23% YoY.
Highlights:
- Strong occupancy rates across residential (98%), retail (89%), and logistics (94%).
- Strategic initiatives in hospitality and education to boost long-term growth.
ESG Initiatives
- Emiratisation reached 43% in 2024.
- Achieved LEED certifications for sustainability across assets, including schools and commercial properties.
- Partnered with Dubai Cares to provide 10,000 school kits to low-income families.
