Abu Dhabi-listed Aldar Properties said net profit grew 39% year-on-year (YoY) to 1.4 billion UAE dirhams ($381.16 million) in the fourth quarter of 2023 after quarterly property sales reached a new high of AED 8.5 billion.

Revenue rose 40% YoY to AED 4.4 billion, driven by recent acquisitions, active asset management, and strong operational performance.

The developer’s full-year earnings increased 40% YoY to AED 4.4 billion, while revenue jumped 26% YoY to AED 14.2 billion, it said in a filing on ADX.

Property sales reached a new high of AED27.9 billion in 2023. Meanwhile, the company’s development revenue backlog doubled to AED36.8 billion, providing strong income visibility over the next two to three years.

Aldar launched 14 new projects in 2023 as overseas and resident expat buyers accounted for 66 percent, or AED 16 billion, of the UAE sales.

The developer recommended a dividend payout of AED 1.3 billion, or AED 0.17 per share, for 2023.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)