Aldar Development achieved outstanding financial results in 2024, with its full-year revenue surging by 90% year-on-year (YoY) to AED 15.7 billion ($4.28 billion), up from AED 8.71 billion ($2.37 billion) in 2023. Furthermore, the company’s EBITDA grew by 75%, reaching AED 4.3 billion ($1.17 billion) compared to AED 2.47 billion ($670 million) the previous year.
Overall Growth Across the Aldar Group
For the entire Aldar Group, including both Aldar Development and Aldar Investments (which encompasses investment properties, hospitality, education, and estates), total revenue increased by 62% YoY to AED 23 billion ($6.26 billion). Gross profit also saw a 44% rise, reaching AED 8 billion ($2.18 billion), while EBITDA increased by 51%, totaling AED 7.7 billion ($2.1 billion). Net profit after tax rose by 47% to AED 6.5 billion ($1.77 billion).
Strong Fourth Quarter Results
In Q4 2024, Aldar posted revenue of AED 6.5 billion ($1.77 billion), reflecting a 48% increase from the previous year. The company’s gross profit grew by 50% to AED 2.4 billion ($650 million), and EBITDA amounted to AED 2.3 billion ($630 million), marking a 43% increase.
Group sales for 2024 rose 20% to AED 33.6 billion ($9.15 billion). In Q4 2024 alone, sales increased 13% YoY to AED 9.6 billion ($2.6 billion).
Strategic Expansion and Future Growth Plans
Chairman Mohamed Khalifa Al Mubarak is confident in Aldar’s continued success. He attributed the company’s performance to the UAE’s thriving real estate market, which benefits from supportive government policies. “In 2025, we will deliver our first residential and retail projects in Saadiyat Cultural District, contributing to Abu Dhabi’s global reputation in arts and culture,” Al Mubarak explained. “New developments and a growing portfolio of recurring income will fuel our growth in the coming year.”
Aldar’s revenue backlog hit a record AED 54.6 billion ($14.87 billion) by the end of 2024, up from AED 36.8 billion ($10 billion) in 2023, ensuring strong visibility for the next two to three years. The company launched 12 new projects in 2024, including four in Q4: Mamsha Palm, Faya Al Saadiyat, Mandarin Oriental Residences, and Mamsha Gardens. The company’s develop-to-hold pipeline expanded to AED 13.3 billion ($3.62 billion).
International buyers showed robust interest, with overseas and expatriate customers contributing AED 22.2 billion ($6 billion), or 78% of total sales, up from 66% in 2023.
Financial Strength and Dividend Increase
Group CEO Talal Al Dhiyebi highlighted Aldar’s record growth, noting that the company’s net profit more than doubled in two years. The development revenue backlog tripled to AED 55 billion, and the investment properties portfolio grew to AED 42 billion. “With a strong financial foundation and a focus on customer experience, new technology, and strategic partnerships, Aldar is well-positioned for future growth,” said Al Dhiyebi.
Aldar also maintains ample liquidity with AED 10.5 billion ($2.86 billion) in unrestricted cash and AED 8.1 billion ($2.2 billion) in undrawn committed credit facilities as of December 2024.
This recommendation reflects an 8.8% increase from last year, with a total payout of AED 1.45 billion for 2024.
