Real Estate Aldar’s 2024 profit nears $2bn as new projects lift revenues By Pramod Kumar February 10, 2025, 2:44 PM Wam A rendering of Aldar's The Arthouse, a residential development in Abu Dhabi's Saadiyat Cultural District Aldar Properties shares rose on Monday after Abu Dhabi’s largest developer reported net profit for 2024 had surged 47 percent year on year to AED6.5 billion ($1.8 billion), driven by strong demand for new launches and existing inventory. Revenue jumped 60 percent year on year to AED23 billion as 12 projects were launched last year, including four in the final quarter. Sales increased 20 percent to a record high of AED33.6 billion, largely driven by exceptional demand for our residential developments in key UAE destinations, said chairman Mohamed Khalifa Al Mubarak. The company will deliver the first residential and retail concepts in the Saadiyat Cultural District this year, he said. Aldar Properties listed on the Abu Dhabi stock exchange in 2005 and its share pirce was up 1.6 percent on Monday to AED8.09, up from a yearly low of AED7.46 in late January. Aldar secures $2.5bn credit facility to support growth Order book for Aldar hybrid notes hits nearly $5bn Aldar Properties reports ‘strong pickup’ for London projects The total development backlog reached a new high of AED54.6 billion, with the UAE backlog at AED45.9 billion, which will drive revenue recognition over the next 2-3 years. Egyptian subsidiary Sodic contributed AED 701 million (EGP 8.6 billion) to the group last year. Sales, however, fell 3 percent year on year to AED3.5 billion. The developer expects a total dividend payout of AED1.45 billion in 2024, up 9 percent year on year.
