giant Aldar smashes all previous profit
Net profit for 2023 up 40% to $1.2 billion; sales up 94% to a record $7.6 billion; Development revenue backlog doubles to $10 billion
Abu Dhabi-based real estate heavyweight Aldar’s net profit for the year 2023 was up 40 percent to AED4.4 billion ($1.2 billion) on the back of record development sales and expanded investment portfolio. It includes the highest-ever quarterly development sales of AED8.5 billion ($2.31 billion) in Q4, up 65 percent, which took full-year sales to a record AED27.9 billion ($7.6 billion), up 94 percent.
Aldar Development’s revenue in Q4 2023 increased 37 percent YoY to AED2.4 billion ($650 million) and full-year revenue increased 19 percent to AED8.3 billion ($2.2 billion).
The company launched 14 new projects during the year. Development revenue backlog doubled to AED36.8 billion ($10 billion), providing strong income visibility over the next 2-3 years.
Aldar Investment recorded 40 percent revenue growth driven by recent acquisitions, active asset management, and strong operational performance across the business.
