Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 39 per cent annual jump in its fourth-quarter net income as revenue rose on the back of record development sales amid continued economic momentum in the Emirates.
Net profit for the three months to the end of December climbed to Dh1.4 billion, ($381.47 million), Aldar said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period surged by 40 per cent annually to Dh4.4 billion.
The company recorded the highest-ever quarterly development sales of Dh8.5 billion in the fourth-quarter, with full-year sales also hitting a record Dh27.9 billion.
Aldar's full-year net profit attributable to owners of the company surged 33 per cent to Dh3.92 billion as revenue grew 26 per cent to Dh14.2 billion.
“The strength of the UAE economy, driven by a thriving business friendly environment, continues to provide conducive conditions for the real estate market,” said Mohamed Al Mubarak, chairman of Aldar Properties.
“Aldar accelerated its transformative growth trajectory in 2023 to deliver remarkable earnings growth, with an intensive programme of new development launches and the enhanced performance of its recurring income portfolio.”
The UAE’s property market remained strong last year with transaction volumes rising both in Dubai and Abu Dhabi amid government initiatives such as residency permits for retired and remote workers and the overall growth in the economy.
Aldar expects continued demand for real estate in Abu Dhabi, with the emirate expected to contribute most to the company’s total sales.
“Abu Dhabi still has significant room for growth,” Faisal Falaknaz, Aldar’s chief finance and sustainability officer, said on Friday.
“There's a lot of demand for good quality real estate, which we are providing. We are expecting to maintain at least the same if not higher, run rate across our development sales, north of Dh30 billion.
"The majority of that, again will come from Abu Dhabi, and then the rest will follow from Dubai and the Northern Emirates.”
In the fourth quarter, Abu Dhabi recorded 2,238 off-plan sales transactions, up 39.4 per cent compared to the same period last year, while ready home sales volume rose 36.5 per cent to 740, according to a recent ValuStrat report.
Aldar will also look to start new projects in Dubai after it generated Dh3.1 billion in sales from the first two phases of its Dubai residential project last year.
The developer aims to launch new mega projects in Dubai in the second quarter as well at the end of the year, according to Mr Falaknaz.
Aldar is at the heart of Abu Dhabi’s efforts to develop its property sector. The developer announced a number of projects and the awarding of 49 contracts worth Dh22 billion last year, as it expanded its portfolio.
The company awarded the contracts to 36 UAE-based companies for its infrastructure, residential, commercial and mixed-use developments across the capital, it said in a statement this week.
Aldar is also investing Dh5 billion to develop a range of income-generating assets in commercial, retail and hospitality sectors in Abu Dhabi, amid growing demand for property in the UAE.
The company said it is well positioned for further expansion, with a strong liquidity position of Dh2.9 billion in free cash and Dh7.5 billion in undrawn credit facilities.
It also plans to expand into Saudi Arabia, the Arab world's largest economy.
Aldar's international portfolio continues to expand too. Last year, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region to grow its geographical footprint in new markets.
On Thursday, Aldar announced a Dh407 million investment in logistics and storage assets in Europe through a partnership with global investment firm Carlyle.
The company has recommended a dividend of Dh0.17 per share, representing a total payout of Dh1.3 billion to shareholders in 2023.
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Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
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FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
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On sale: Now
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Mohammed bin Zayed Majlis
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Explained
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Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Inside%20Out%202
Dubai Bling season three
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1.
2.
3.
4.
5.
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The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
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KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
COMPANY PROFILE
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CREW
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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RESULTS
World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
