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Aldar's 2023 Net Profit Surges 40% to Dh4.4B; Dividends Hit Dh1.3B Mark

Photo: visitabudhabi

Aldar Properties has demonstrated outstanding performance for the third consecutive year, recording a remarkable 40% increase in net profit to Dh4.4 billion in 2023. This achievement is complemented by a robust 26% growth in revenue, reaching Dh14.2 billion. The Abu Dhabi-based developer has expanded its footprint globally, venturing into projects in Dubai, Ras Al Khaimah, London, and Western Europe.

Aldar's commitment to delivering value to its shareholders is evident in its proposal to distribute a dividend of 17 fils per share, totaling Dh1.3 billion for the year 2023. This decision aligns with the company's solid track record of delivering sustainable shareholder value, as reflected in a compounded annual growth rate (CAGR) of 9% in dividends over the past decade.

In the last three months of 2023, Aldar marked significant milestones, including the opening of the Nikki Beach project in Ras Al Khaimah and the launch of its inaugural project in Dubai, named the Haven. These ventures contributed to the company's net profit reaching Dh1.4 billion during the specified period.

Aldar's growth strategy encompasses an intensive program of new development launches and a focus on enhancing the performance of its recurring income portfolio. This approach is highlighted by Chairman Mohammed Khalifa Al Mubarak, who emphasizes Aldar's transformative growth trajectory in 2023.

The company's dedication to sustaining shareholder value is further underscored by its announcement of allocating Dh5 billion for building an additional portfolio of assets geared towards generating recurring income. This strategic move aligns with Aldar's vision for long-term success in the real estate market.

Financially, Aldar maintains a strong liquidity position, with Dh2.9 billion in free cash and Dh7.5 billion in untapped credit facilities. This robust financial standing positions Aldar favorably to capitalize on opportunities and navigate the dynamic real estate landscape.

In summary, Aldar Properties' stellar performance in 2023, marked by impressive financial results, strategic expansions, and significant project launches, underscores the company's commitment to delivering value to shareholders and solidifies its position as a key player in the global real estate market.

Feb. 12, 2024 2:38 p.m. 2137

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