The UAE master-developer Aldar has produced a strong run of results for the first nine months, with net profit totaling Dh3 billion, even as it started its first project in Dubai. That is a huge 41% increase from the same period previous year.
This is based on Dh9.8 billion in revenue, which represents a healthy 21% increase year over year for the time frame. Even while a large portion of it still comes from launches in Abu Dhabi, Aldar is branching out into other areas, including Dubai in light of recent acquisitions and debuts in Ras Al Khaimah. Additionally, SODIC, its subsidiary in Egypt, keeps providing Aldar with the necessary financial backing. (SODIC sales were Dh2.4 billion for the year ending in September, and Dh1.4 billion in Q3-23).
On Monday, October 30, the stock is up 1.63 percent to Dh4.98 in early trading on ADX.
Ambitions for Europe
“Taking the next step in our growth trajectory, Aldar has devised a new strategy to take our expertise into select international markets, with a particular focus on Europe, which will allow us to build scale, diversify, and deliver sustainable growth,” said Mohamed Khalifa Al Mubarak, Chairman.
“We aim to target investments that are core to our current operations and across high-growth real estate sectors in mature markets that are characterised by strong fundamentals, demographic shifts, digitized economies, and evolving consumer preferences”, Mohamed Khalifa Al Mubarak, Chairman.
During all of this, Aldar continues to score big points in Abu Dhabi with a consistent stream of unplanned launches. The office portfolio is also making a significant contribution.
In terms of development, sales ended the third quarter at Dh7.8 billion, for a “record” nine-month total of Dh19.4 billion. (This year, 11 new projects have been launched.)
As of the end of September, its backlog for income from the UAE was at Dh23.6 billion, a significant 95% increase year over year and an average of 29 months. Q3 cash collections came in at Dh1.7 billion. Shareholders would be somewhat pleased with that.
Growing overseas buyer base
“The increasing interest from international buyers in our developments not only highlights the global appeal of Aldar’s offering but also reaffirms Abu Dhabi’s position as a preferred destination for business, leisure, and long-term residency,” said Talal Al Dhiyebi, Group CEO.
Sales to foreign and expat customers in the UAE reached a record high of Dh5.1 billion in Q3 2023 (and Dh 10.3 billion (or 60% of total sales) for the first nine months). Those buyer statistics are astounding. This was 160% and 33% greater, respectively, and “as Aldar grows its footprint into Dubai and Ras Al Khaimah, further growth is anticipated.”