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Aldar sees 88% higher net profits in Q1-24

Aldar sees 88% higher net profits in Q1-24
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1.89% 5.94 0.11

Abu Dhabi – Mubasher: The net profits after tax of Aldar Properties amounted to AED 1.57 billion in the first quarter (Q1) of 2024, higher by 88% than AED 835.79 million in Q1-23.

Revenue and rental income amounted to AED 5.61 billion in the January-March 2024 period, an annual hike of 83% from AED 3.06 billion, according to the financial results.

Basic and diluted earnings per share (EPS) hit AED 0.16 in Q1-24, up year-on-year (YoY) from AED 0.08.

The record backlog stood at AED 38.10 billion in the first three months (3M) of 2024, while the development sales jumped by 39% YoY to AED 6.30 billion, with three project launches in Q1.

Mohamed Khalifa Al Mubarak, Chairman of Aldar, commented: “We have achieved a strong balance between recurring income and development sales, and continue to recycle capital effectively into new growth opportunities.”

“In the coming period, our diverse real estate platforms will sustain their pace of expansion, serving to further enhance earnings and create significant shareholder value,” Al Mubarak noted.

Meanwhile, Talal Al Dhiyebi, CEO of Aldar, said: “Our investment portfolio continues to show solid organic growth on the back of a strong macroeconomic backdrop, along with our acquisitions continuing to surpass our initial expectations and making important contributions to financial performance.”

In 2023, Aldar’s net profits attributable to the owners enlarged to AED 3.92 billion from AED 2.94 billion as of 31 December 2022.