Aldar's 2024 profit surges 43% amid thriving property market
Aldar Properties, Abu Dhabi's biggest listed developer, reported a 43 per cent rise in its 2024 profit, as a sharp increase in UAE sales to overseas and resident buyers drove revenue amid a boom in the emirate's property market.
Net profit attributable to equity holders of the company for the 12 months to the end of December rose to Dh5.6 billion ($1.49 billion), the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue and rental income during the reporting period jumped by more than 62 per cent on an annual basis to Dh23 billion.
Aldar's full-year sales reached Dh33.6 billion, up 20 per cent from the previous year. UAE sales to overseas and foreign resident buyers hit Dh22.2 billion at the end of last year, accounting for about 78 per cent of total sales, a sharp increase from 66 per cent contribution in 2023, the company said.
'During 2024, Aldar delivered exceptional operational and financial performance against the backdrop of a thriving domestic real estate market, which is being enabled by government policies that ensure the UAE is one of the world's most attractive destinations for both individuals and businesses to call home,' said Mohamed Al Mubarak, chairman of Aldar Properties.
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