Aldar posts 22% YoY increase in Q1 net profit with record quarterly development sales of AED 4.5bln

Aldar posts 22% YoY increase in Q1 net profit with record quarterly development sales of AED 4.5bln

Abu Dhabi, UAE:

| |

| |

Revenue

| |

Gross Profit

| |

EBITDA

| |

Net Profit

| |

2023

| |

AED 3.1 bn

+ 14% YoY

| |

AED 1.3 bn

+ 18% YoY

| |

AED 955 mn

+ 18% YoY

| |

AED 836 mn

+ 22% YoY

Group Q1 2023 Highlights

- Cross-platform growth driven by ongoing execution of development revenue backlog, strong quarterly development sales and rising recurring income from investment properties, reflecting the evolution of Abu Dhabi’s real estate market.

- Record quarterly development sales of AED 4.5 billion supported by increased demand from overseas and resident expat buyers in the UAE.

- Highest ever development revenue backlog of AED 18.8 billion providing revenue visibility over the next 2-3 years.

- Expansion of Aldar's strategic landbank through the acquisition of Al Fahid Island, adding a unique waterfront offering to its development pipeline.

- Entry into Dubai real estate market through a joint venture with Dubai Holding to develop three new communities across 3.5 million sqm of land.

- A joint venture partnership with Mubadala to develop commercial assets in Al Maryah Island, capitalising on the high demand for prime office spaces in Abu Dhabi’s growing international finance centre

- Solid performance across Aldar’s diversified investment portfolio driven by a buoyant rental market and rising occupancy across the portfolio, with recent acquisitions performing