Aldar Properties’ yearly profit rises 47% to $1.8 billion due to higher sales revenue
Aldar Properties said on Monday that its net profit for 2024 rose by 47.3% compared to last year, reaching $1.77 billion (AED 6.5 billion). This increase was due to higher sales as the country’s property market grew.
Full-Year Results
Aldar Properties reported that its revenue grew by 62.4% last year, reaching $6.3 billion (AED 23 billion), compared to $3.8 billion (AED 14.2 billion) the year before. The company shared this update in a filing with the Abu Dhabi stock exchange on Monday.
Aldar, ranked 30th in Forbes Middle East’s Top 100 Listed Companies 2024, also said its earnings per share (EPS) increased to $0.19 (AED 0.699) from $0.13 (AED 0.486).
The company’s gross profit jumped 44.3% to $2.2 billion (AED 8 billion). Meanwhile, total sales grew 20% to $9.2 billion (AED 33.6 billion), thanks to strong demand for its homes in key locations across the UAE.
Aldar Group also made progress on a partnership with Mubadala, closing three joint ventures for properties in Masdar City, Al Falah, and an island near Saadiyat Island.
The company’s hospitality business performed well in 2024, with hotels achieving over 73% occupancy.
At the start of 2025, Aldar improved its financial strength by securing $3.9 billion (AED 14.5 billion) through three debt deals. These included:
- A hybrid capital notes issuance
- A sustainability-linked revolving credit facility
- A hybrid capital solution from Apollo Global Management
Key Quote
Aldar Chairman Mohamed Al Mubarak said:
“In 2024, Aldar achieved strong business and financial results, supported by a booming real estate market in the UAE. Government policies have made the UAE one of the most attractive places to live and invest.”
He added that in 2025, Aldar will introduce its first residential and retail projects in Saadiyat Cultural District, marking an important milestone in Abu Dhabi’s growth as a global center for arts and culture.
Key Highlights
- 12 new projects launched in 2024, including four in the fourth quarter:
- Mamsha Palm
- Faya Al Saadiyat
- Mandarin Oriental Residences
- Mamsha Gardens
- The company’s development backlog reached a record $14.9 billion (AED 54.6 billion), with $12.5 billion (AED 45.9 billion) coming from UAE projects, ensuring steady revenue for the next 2-3 years.
- Total UAE sales rose 17% to $7.7 billion (AED 28.3 billion), driven by demand for both new and existing properties.
- 1,180 homes were delivered to buyers in Abu Dhabi, including properties in Noya, Noya Viva, Noya Luma (Yas Island), and Saadiyat Reserve – Dunes (Saadiyat Island).
Aldar Development
Aldar Development saw revenue grow 90% in 2024 to $4.3 billion (AED 15.7 billion). Its EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 75% to $1.2 billion (AED 4.3 billion). This was due to successfully delivering projects from both its existing and newly launched developments.
Published: 11th February 2025
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