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The UAE developer Aldar Properties posted a 48% year-on-year (YoY) increase in Q3 2023 net profit, amounting to 900 million dirhams ($245 million), and said it is now looking to expand into select international markets, with a focus on Europe.
The net profit easily beat analysts’ mean estimate of AED 712 million, according to LSEG data.
Group revenue amounted to AED 3.5 billion for the third quarter, up 27% YoY. The nine months revenue reported was AED 9.8 billion, with a 21 YoY increase, according to a release issued by Aldar.
The Abu Dhabi-listed developer reported sales of AED 7.8 billion in Q3, bringing the 9-month sales to AED 19.4 billion, with 11 new project launches year-to-date, including its first developments in Dubai and Ras Al Khaimah.
Talal Al Dhiyebi, Group CEO of Aldar Properties, attributed the boost in sales to an “increasing interest from international buyers.” Overseas and resident expat buyers accounted for 60% or AED 10.3 billion of year-to-date UAE sales, while overseas sales grew 160% year-to-date to AED 4.6 billion.
Alday’s development backlog has reached AED 29.1 billion for projects, which are expected to be delivered over the next 2-3 years.
The third quarter closed with AED 3.9 billion in free cash and AED 5.9 billion in undrawn credit facilities.
The company said it is looking ahead to tap emerging trends and leverage new relationships to bring investment to the UAE.
(Reporting by Bindu Rai, editing by Brinda Darasha)
