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The Abu Dhabi-listed Aldar Group’s Q3 net profit surged to 1.3 billion UAE dirhams ($345 million) in Q3 2024, up 41% year-on-year (YoY) on continued growth in demand for homes in the UAE.
The net profit was in line with analysts’ mean estimate of AED 1.33 billion, according to LSEG data.
Group revenue for the UAE real estate developer and investor stood at AED 5.6 billion for Q3 2024, up 61% YoY, with EBITDA at AED1.5 billion, indicating a 41% YoY growth.
Aldar reported AED 9.5 billion in free cash, and AED 8.4 billion in undrawn committed credit facilities. The continued capital deployment to support develop-to-hold asset pipeline now stands at AED 9.35 billion across UAE.
Mohamed Khalifa Al Mubarak, Chairman of Aldar, attributed the growth to UAE “robust domestic investment climate,” which allowed the group to expand its recurring income streams and reinvest capital.
Aldar Development
Aldar Development’s Q3 2024 revenue surged 99% YoY to AED 3.9 billion with nine-month revenue jumping 95% YoY to AED 11.4 billion and EBITDA increasing 72% to AED 3.2 billion, which the company said was driven by the execution of the revenue backlog from new and existing projects.
In the first nine months of 2024, development sales jumped 24% to AED 24 billion, which included three new project launches in Q3, including Verdes by Haven in Dubai, The Arthouse on Saadiyat Island and Yas Riva, taking the total year-to-date launches to eight.
“An expanding landbank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating new avenues for growth, enabling us to expand our presence across key segments and geographies,” Talal Al Dhiyebi, Group CEO of Aldar said.
Aldar Investment revenue reached AED 5 billion for the first nine months of 2024, marking a 24% YoY increase supported by acquisitions made in 2022 and 2023.
Looking ahead, the Aldar has said a strategic partnership with Mubadala to own and manage assets valued at AED 30 billion in Abu Dhabi, is set to drive significant scale, diversification, and value for the business.
(Writing by Bindu Rai, editing by Seban Scaria)
