Aldar Properties, which is situated in UAE, saw profits jump by 39% in Q4.

• Aldar Properties, a real estate development company in Abu Dhabi reports a 39% increase in profits in Q4 of 2023 boosting its net profit to $381 Million.
• The company announced plans to invest 5 billion dirhams into developing estate including retail, new offices, and hospitality facilities in Abu Dhabi.
• In 2023 the company was awarded 49 contracts worth $6 Billion with nearly 50% of the value to be reinvested into the local economy.

Abu Dhabi-based developer Aldar Properties (ALDAR.AD) reported a 39% increase in Q4 profit, driven by higher sales.

Aldar Properties PJSC is a United Arab Emirates-based real estate development and investment company that undertakes and operates a portfolio of real estate projects in the United Arab Emirates.

The company also deals with development, sales, investment, construction, and management of the associated services for real estate.

Net profit increased to 1.4 billion dirhams (approximately $381 million) due to a 40% rise in revenue to 4.4 billion dirhams. This profit exceeded the analysts’ average estimate of 805 million dirhams, according to LSEG data.

Net profit for 2023 increased by 40% to 4.4 billion dirhams, driven by full-year sales of 27.9 billion dirhams and a focus on international expansion.

The company reported having 2.9 billion dirhams in free cash and 7.5 billion dirhams in unused credit facilities, indicating a strong liquidity position.

Aldar has announced plans to invest 5 billion dirhams in building new offices, retail, and hospitality facilities in Abu Dhabi by 2027 to address the strong corporate demand for Grade A office space.

Aldar Properties announced the awarding of 49 contracts worth $6 billion for infrastructure, residential, commercial, and mixed-use projects across the emirate in 2023, where nearly 50% of the total contract value will be reinvested into the local economy, insinuating growth of the national GDP.

The contracts awarded to Aldar Properties include residential villas, townhouses, apartments, offices, retail spaces, schools and major highways.