Aldar Development's 2024 revenue jumps 90% and net profit surges 47%
Successful execution against the revenue backlog from existing and newly launched development projects during 2024 saw Aldar Development's full-year revenue jump 90 per cent YoY to AED 15.7 billion ($4.28 billion) from AED 8.71 billion ($2.37 billion) in 2023, while full-year EBITDA rose 75 per cent, from AED 2.47 billion ($670 million) to AED 4.3 billion ($1.17 billion).
For the group, which includes both Aldar Development and Aldar Investments (Investment Properties, Aldar Hospitality, Aldar Education and Aldar Estates), FY2024 revenue was AED 23 billion ($6.26 billion), up 62 per cent YoY; Gross Profit jumped 44 per cent to AED 8 billion ($2.18 billion); EBITDA growth was 51 per cent to AED 7.7 billion ($2.1 billion), while Net Profit (after tax) was AED 6.5 billion ($1.77 billion), an increase of 47 per cent.
A record fourth quarter saw Aldar post revenues of AED 6.5 billion ($1.77 billion, up 48 per cent YoY); Gross profit of AED 2.4 billion ($650 million, up 50 per cent) and EBITDA of AED 2.3 billion ($630 million, up 43 per cent).
Group sales in 2024 rose 20 per cent to AED 33.6 billion ($9.15 billion). Strong demand for luxury developments across the UAE was supported by enhanced cross-selling from Aldar's international sales network. Group sales in Q4 2024 increased 13 per cent YoY to reach AED 9.6 billion ($2.6 billion).
Mohamed Khalifa Al Mubarak, Chairman of Aldar, was confident that the company will continue its momentum into the new year.
'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 Al Mubarak.
'Aldar Group sales increased 20 per cent to a record high of AED 33.6 billion, largely driven by exceptional demand for our residential developments in key UAE destinations.
'In 2025, we will deliver our first residential and retail concepts in Saadiyat Cultural District, which will be a milestone moment for Aldar as we contribute to Abu Dhabi's position as a global capital of arts and culture. We believe that new development launches across geographies and the expansion of our recurring income portfolio will fuel our growth in the year ahead.'
Group revenue backlog reached a record AED 54.6 billion ($14.87 billion) at the end of December 2024, up from AED 36.8 billion ($10 billion) at the end of 2023, providing strong visibility on UAE and International revenue over the next 2-3 years.
Aldar launched 12 projects in 2024, including four in the fourth quarter – Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens. The develop-to-hold pipeline has expanded to AED 13.3 billion ($3.62 billion).
The group said there was a robust demand from international buyers, with 2024 sales to overseas and expat resident customers rising to AED 22.2 billion ($6 billion), representing 78 per cent of sales. This was up from 66 per cent in 2023.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, added: 'Aldar has delivered unprecedented growth in 2024 with the expansion of our development and investment platforms resulting in net profit more than doubling in the past two years. Group sales have more than doubled during this period, while our development revenue backlog has increased threefold to AED 55 billion.
'At the same time, the value of our investment properties portfolio has grown considerably to AED 42 billion. We continue to reshape our business with an uncompromising focus on customer experience, while investing in new technology and forming world-class partnerships to unlock new opportunities. With a strong financial foundation and a clear growth strategy, Aldar is well positioned to capitalise on opportunities across priority geographies.'
The group has considerable available liquidity to support its growth agenda with AED 10.5 billion ($2.86 billion) in free and unrestricted cash, and AED 8.1 billion ($2.2 billion) in undrawn committed credit facilities at the end of 2024.
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