Aldar profit climbs 40% as sales hit $7.6bn in 2023

Aldar profit climbs 40% as sales hit $7.6bn in 2023

Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as revenue jumped 26 percent annually to AED14.2 billion. Full-year property sales hit a record AED27.9 billion ($7.60), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a statement […]Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as revenue jumped 26 percent annually to AED14.2 billion.

Full-year property sales hit a record AED27.9 billion ($7.60), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a statement to the Abu Dhabi bourse on Friday.

Development revenue backlog doubled to AED36.8 billion, providing strong income visibility over the next two to three years.

Aldar launched 14 new projects last year, marking its foray into Dubai and Ras Al Khaimah.

Strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66 percent, or AED16 billion, of UAE sales.

“The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market,” said chairman Mohamed Khalifa Al Mubarak.

Net profit for the fourth