Aldar Properties’ shares saw a rise on Monday after Abu Dhabi’s largest developer announced a net profit for 2024 that surged 47 percent year on year to AED6.5 billion ($1.77 billion), fueled by robust demand for new launches and existing inventory.
Revenue soared 60 percent year on year to AED23 billion ($6.26 billion), attributed to the launch of 12 projects last year, including four in the final quarter, according to a statement.
Sales climbed 20 percent to a record high of AED33.6 billion ($9.14 billion), largely driven by exceptional demand for residential developments in key destinations across the UAE, stated chairman Mohamed Khalifa Al Mubarak. He mentioned that the company will introduce the first residential and retail concepts in the Saadiyat Cultural District this year.
Aldar Properties has been listed on the Abu Dhabi stock exchange since 2005, and its share price rose by 1.6 percent on Monday to AED8.09, up from a yearly low of AED7.46 recorded in late January.
Read more: Aldar completes redevelopment of Al Hamra Mall in Ras Al Khaimah
Development backlog and revenue outlook
The total development backlog reached a new high of AED54.6 billion, with the UAE backlog at AED45.9 billion, which is expected to drive revenue recognition over the next 2-3 years.
The Egyptian subsidiary Sodic contributed AED 701 million (EGP 8.6 billion) to the group last year. However, sales fell 3 percent year on year to AED3.5 billion. The developer anticipates a total dividend payout of AED1.45 billion in 2024, reflecting a 9 percent year on year increase.
Last year, Dubai recorded real estate deals worth AED761 billion, marking a 20 percent increase compared to 2023, with the total number of transactions rising by 36 percent to reach 226,000, according to the latest data from Dubai Media Office.
In Abu Dhabi, the total value of real estate deals climbed 10 percent annually to AED96.2 billion, with the number of transactions increasing by about 24 percent to 28,249, based on data from the Abu Dhabi Real Estate Centre.
Asset growth and strategic acquisitions
Aldar had total assets of nearly AED86 billion at the end of 2024, compared to AED73 billion at the end of 2023. In 2023, Aldar expanded its portfolio by acquiring Al Fahid Island, a 3.4 million square meter land bank, for AED2.5 billion. Additionally, Aldar acquired UK developer London Square for AED1.07 billion, marking its first acquisition outside the MENA region.
