Skip to content Skip to Search
Skip navigation

Aldar profit climbs 40% as sales hit $7.6bn in 2023

By Pramod Kumar
Haven is the first of three new residential communities to be developed in Dubai as part of a joint venture between Aldar and Dubai Holding Aldar
Haven is the first of three new residential communities to be developed in Dubai as part of a joint venture between Aldar and Dubai Holding

Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion.

Full-year property sales hit a record AED27.9 billion ($7.60 billion), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a statement to the Abu Dhabi bourse on Friday.

The development revenue backlog doubled to AED36.8 billion, providing strong income visibility over the next two to three years.

Aldar launched 14 new projects last year, making its first forays into Dubai and Ras Al Khaimah.

There was strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66 percent, or AED16 billion, of UAE sales.

“The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market,” said chairman Mohamed Khalifa Al Mubarak.

Net profit for the fourth quarter of 2023 rose 39 percent year on year to AED1.4 billion. Revenue was up 40 percent year on year to AED4.4 billion.

The company is planning further expansion in its home market, with a strong liquidity position of AED2.9 billion in free cash and AED7.5 billion in undrawn credit facilities.

The AED5 billion pipeline of “develop-to-hold” assets across core segments and AED1 billion investment in logistics is likely to bolster recurring-income streams and long-term capital appreciation.

The developer recommended a dividend payout of AED1.3 billion for 2023.

Aldar awarded 49 contracts worth AED22 billion across various projects in 2023, it reported on Thursday. The contracts are made up of infrastructure, residential, commercial, and mixed-use developments.

Latest articles

Aramco and Rongsheng have signed an agreement to potentially expand the facilities at Saudi Aramco Jubail Refinery Company (Sasref)

Aramco and Rongsheng move on chem plant expansion

Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […]

The Aramco-Bapco pipeline can transport up to 350,00 barrels per day of crude oil

BlackRock buys stake in Saudi-Bahraini oil pipeline

Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […]

Etihad Airways reported a 48% year-on-year rise in net profit to $232m in the first half of 2024

Etihad Airways potential IPO unlikely this year

The possible initial public offering (IPO) of Etihad Airways is unlikely to happen this year, a media report has said. Regional geopolitical instability and a plan to show investors a strong financial performance in 2024 are key factors delaying the IPO launch, Reuters reported, citing informed sources. An Etihad spokesperson said it does not comment […]