By Staff Reporter
Abu Dhabi developer makes strong start to 2024 with Dh1.6b in Q1 net profit
Dubai: The Abu Dhabi master-developer Aldar has scored a Dh1.6 billion net profit (after tax) for the first three months of 2024, which works out to be an 88 per cent increase over its 2023 figures. These came from Dh5.6 billion in revenues, which is an 83 per cent spike year-on-year, and EBITDA of Dh1.8 billion, which is 90 per cent higher.
Tax calculations are already starting to show up in financials put out by UAE’s publicly listed companies, with the introduction of the 9 per cent corporate tax regime.Clearly, the Aldar numbers are getting a boost from its launch of a residential community in Dubai, its first in the emirate, and from Ras Al Khaimah, on top of returns from its stream of offplan launches in Abu Dhabi. Shortly, Aldar should be launching its second Dubai project.
“We look to further growth this year through our strong development pipeline and new opportunities to expand our recurring income portfolio,” said Talal Al Dhiyebi, Group CEO.
The Aldar development backlog now weighs in at Dh38 billion plus.
Our investment portfolio continues to show solid organic growth on the back of a strong macro-economic backdrop, along with our acquisitions continuing to surpass our initial expectations.
