Aldar’s net profits cross AED 4.5bn in 9M-24 - Mubasher Info

Aldar
ALDAR -1.30% 7.62 -0.10

Abu Dhabi – Mubasher: The net profits after tax of Aldar Properties stood at AED 4.57 billion in the first nine months (9M) of 2024, an annual surge of 52% from AED 3 billion.

Revenue and rental income hiked by 69% year-on-year (YoY) to AED 16.50 billion in 9M-24 from AED 9.76 billion, according to the financial results.

Earnings per share (EPS) grew to AED 0.49 as of 30 September 2024 from AED 0.33 in 9M-23. 

Aldar recorded strong development sales momentum of AED 24 billion in 9M-24, driven by solid demand for new launches and inventory.

Financials for Q3-24

In the third quarter (Q3) of 2024, the development group achieved net profits after tax worth AED 1.25 billion, higher by 41% YoY than AED 886.72 million.

The revenues jumped by 61% to AED 5.58 billion in Q3-24 from AED 3.45 billion in Q3-23, while the EPS climbed to AED 0.13 from AED 0.09.

Talal Al Dhiyebi, Group CEO of Aldar, commented: “An expanding landbank and newly formed strategic partnerships with Mubadala and Expo City Dubai are creating exciting new avenues for growth, enabling us to expand our presence across key segments and geographies.”

In the first half (H1) of 2024, Aldar witnessed 57% YoY higher net profits at AED 3.32 billion.

Source: Mubasher Source: {{details.article.source}}