The latest outstanding outcomes that have been achieved by the property developer, Aldar in Abu Dhabi’s real estate market in UAE, emphasize the robustness and promising future that this real estate market will have, informs the CEO.
Recently, the data collected by Abu Dhabi’s Aldar during the first quarter of 2024 has shown a rise in net profit of 1.6 Billion AED equals to around (436 million USD) reaching 88% within the year due to the higher demand for properties in UAE than what it was in the years before.
Based on the London Stock Exchange (LSEG data), the average profit that has been achieved and estimated by experts is supposed to be less, surprisingly, it exceeded 1.03 Billion AED.
Aldar property developer states that this increase backs to the amazing sales volume growth that amounted to up 39% YOY which was 6.3 Billion AED in sales. This flourish was fuelled by the launch of three new projects in the first quarter of 2024. Declared on ADX on Monday.
“The outstanding performance seen in Aldar’s first-quarter results mirrors the robustness of the UAE’s real estate market, notably in Abu Dhabi. The emirate’s increasing allure as a global investment hub continues to propel our progress.” Told Talal Al Dhiyebi, the CEO of Aldar Group.
Aldar group has recorded a net profit of 1.049 Billion AED during the first quarter of the year due to the company’s owners, showing a jump of 546 Million AED during the same quarter of the year.
Additionally, the property developer has achieved a revenue that surged 103% year-on-year to 3.9 Billion AED which this group told was “primarily driven by successful execution of the revenue backlog on the back of a number of major projects.”
The sustained increase in the demand for homes in the UAE is fuelled by both foreigners and resident buyers and Aldar’s sales volume is the major contributor of this surge of 75% (4.6 Billion AED).
According to the company, Aldar Investment reported an adjusted EBITDA of 693 Million AED, representing a 29% year-over-year increase. This growth was because of the operational excellence, the expansion of the Aldar Estates platform, and the positive impact of recent acquisitions on the company’s bottom line. Additionally, the company highlighted its strong liquidity position, with 4 Billion AED in free cash and 6 Billion AED available in unused committed credit facilities.
