Abu Dhabi, UAE — Aldar Friday announced that record development sales and expanded investment portfolio drove the company’s 2023 net profit up 40 percent to AED 4.4 billion ($1.19 billion), compared to 2022.
In a statement today, the Abu Dhabi-listed property giant, reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.
A total of 14 new project were launched with entry into Dubai and Ras Al Khaimah markets complementing the company’s already dominant position in the emirate of Abu Dhabi.
The company also saw strong demand from end-users and investors, with overseas and resident expat buyers accounting for 66 percent (AED 16 billion) of UAE sales.
Aldar Investment recorded 40 percent revenue growth driven by recent acquisitions, active asset management, and strong operational performance across the business, according to the statement.
Mohamed Kkalifa Al Mubarak, Chairman of Aldar, said, “The strength of the UAE economy, driven by a thriving business-friendly environment, continues to provide conducive conditions for the real estate market.”