I
Jit;3
ALDAR
Aldar's Q3 2023 net profit rises 48% YoY fueled by record sales and
strong performance across recurring income portfolio
Abu Dhabi, UAE: 30 October 2023
Q3 2023 Group Highlights
▪ Record development sales of AED 7.8 ▪ Solid organic growth across the recurring
billion in Q3, bringing 9-month sales to a income portfolio driven by strong
record AED 19.4 billion, with 11 new project operational performance, while recent
launches year-to-date. acquisitions have surpassed underwriting
expectations and are positively impacting
▪ Development backlog reaches AED 29.1
the bottom line.
billion for projects to be delivered over the
next 2-3 years. ▪ Strong liquidity position with AED 3.9 billion
in free cash and AED 5.9 billion in undrawn
▪ Growing vein of overseas and resident
credit facilities.
expat buyers, collectively accounting for
60% (AED 10.3 billion) of year-to-date UAE ▪ Supported by a strong track record of
sales; Overseas sales grew 160% year-to- executing its growth and expansion
date to AED 4.6 billion. strategy, Aldar will continue to explore
opportunities for further disciplined capital
▪ Robust performance highlights Abu Dhabi
deployment in its home market and
and Aldar’s continued global appeal
internationally.
which is set to increase further through the
launch of the company’s first
developments in Dubai and Ras Al
Khaimah.
▪ Aldar recently announced its first
residential development in Dubai – Haven
by Aldar – with the public launch due to
start on October 31st.
Revenue Gross Profit EBITDA Net Profit
Q3 AED 3.5 bn AED 1.3 bn AED 1.1 bn AED 0.9 bn
2023 + 27% YoY + 22% YoY + 45% YoY + 48% YoY
9 Months AED 9.8 bn AED 4.0 bn AED 3.5 bn AED 3.0 bn
2023 + 21% YoY + 21% YoY + 37% YoY + 41% YoY“
H.E. MOHAMED KHALIFA AL MUBARAK
CHAIRMAN OF ALDAR PROPERTIES
“Our home market, Abu Dhabi, is bolstered by a robust economy, and a
regulatory environment that is conducive to business and investment.
This positive backdrop has allowed Aldar to undertake a journey of
transformational growth, including entry into regional markets such as Egypt, Ras Al
Khaimah and Dubai.
Taking the next step in our growth trajectory, Aldar has devised a new strategy to take our
expertise into select international markets, with a particular focus on Europe, which will allow
us to build scale, diversify, and deliver sustainable growth. We aim to target investments
that are core to our current operations and across high-growth real estate sectors in mature
markets that are characterised by strong fundamentals, demographic shifts, digitized
economies, and evolving consumer preferences.
“We see this as an opportune moment to tap emerging trends and also to leverage new
relationships to bring investment and innovation back to our core market, the UAE.”
“
TALAL AL DHIYEBI
GROUP CHIEF EXECUTIVE OFFICER OF ALDAR PROPERTIES
“Aldar continues to demonstrate its ability to become a national real
estate champion, as evidenced by our record-breaking development
sales and revenue backlog in the third quarter. The increasing interest
from international buyers in our developments not only highlights the
global appeal of Aldar’s offering but also reaffirms Abu Dhabi’s position as a preferred
destination for business, leisure, and long-term residency. Our investment properties,
particularly our thriving commercial portfolio, consistently exhibit solid operational
performance and we are really seeing the positive impact of recent acquisitions across the
office, retail, and hospitality sectors. We look forward to taking further steps this year to
continue our path of accelerated growth in the region and beyond.”ALDAR DEVELOPMENT
Comprising three segments: Property Development and Sales, responsible for developing and marketing Aldar’s
strategic land bank; Project Management Services, which manages government housing and infrastructure
projects in the UAE; and International, which manages investment in Egyptian real estate, through SODIC.
Aldar Development Q3 2023 Q3 2022 % change 9M 2023 9M 2022 % change
AED million
Revenue 1,935 1,643 18% 5,821 5,181 12%
EBITDA 593 389 52% 1,858 1,347 38%
Group Sales 7,819 3,930 99% 19,395 9,261 109%
UAE sales 6,440 3,189 102% 17,040 7,198 137%
▪ Aldar Development’s Q3 2023 revenue increased 18% YoY to AED 1.9 billion driven by
accelerated construction progress, buoyant off-plan sales, and continued development
backlog revenue recognition, with 9-month revenue increasing 12% YoY to AED 5.8 billion.
▪ Group sales in Q3 2023 reached AED 7.8 billion, a 99% increase from the same period last year,
marking Aldar’s highest ever quarterly sales. Group sales during the first nine months reached
a record AED 19.4 billion, up 109% YoY on the back of 11 project launches year-to-date and
strong demand for Abu Dhabi properties from a growing vein of international buyers.
▪ Group revenue backlog reached a record AED 29.1 billion as at the end of Q3, providing strong
visibility on revenue across the UAE and Egypt operations over the next 2-3 years.
▪ Project management services backlog of AED 59 billion demonstrates the long-term and
perpetual nature of the franchise, with AED 3.8 billion in new projects awarded during the first
nine months of 2023.
▪ During the quarter, Aldar entered into a strategic partnership with Nikki Beach to develop a
luxury beachfront residential project on Al Marjan Island in Ras Al Khaimah.
▪ In October 2023, Aldar further expanded its geographical reach with the launch of ‘Haven by
Aldar’, the company’s first residential development in Dubai.
UAE
▪ Total UAE sales for Q3 2023 reached a record AED 6.4 billion, up 102% YoY, driven by the launch
of Gardenia Bay in Q3 and strong demand for inventory from previous launches including Fay
Al Reeman II, Reeman Living, Saadiyat Lagoons, Sustainable City, The Source II, and Yas Golf
Collection. During the first 9 months, UAE sales increased 137% YoY to AED 17.0 billion.
▪ UAE sales to overseas and expat buyers reached a record AED 5.1 billion in Q3 2023 and AED
10.3 billion (60% of total UAE sales) over the course of the first nine months, underscoring Abu
Dhabi’s prominence as a premier investment destination and long-term home. Sales tooverseas and resident expat buyers grew by 160% and 333% respectively and further growth
is anticipated as Aldar expands its footprint into Dubai and Ras Al Khaimah.
▪ UAE revenue backlog of AED 23.6 billion, increasing 95% YoY with an average duration of 29
months, while Q3 cash collections stood at AED 1.7 billion.
Egypt
▪ SODIC contributed AED 230 million (EGP 1.9 billion) in revenue and AED 3.8 million (EGP 31.8
million) of EBITDA to Aldar Development in Q3 2023. Over the first 9 months , revenue stood at
AED 566 million (EGP 4.76 billion), with EBITDA at AED 75.5 million (EGP 636 million).1
▪ SODIC’s sales were AED 1.4 billion (EGP 11.6 billion) in Q3 2023 and AED 2.4 billion (EGP 19.8
billion)1 over the first 9 months of the year. Revenue backlog was AED 5.5 billion (EGP 46.6
billion) as at the end of Q3 2023, with an average duration of 23 months, providing strong
earnings visibility on revenue over the next 2 years.2
▪ SODIC continues to maintain a strong liquidity position with total cash and cash equivalents
amounting to AED 253 million (EGP 2.13 billion).2
ALDAR INVESTMENT
Comprising four segments representing over AED 35 billion of assets under management: Investment Properties
houses Aldar’s core asset management business comprising prime real estate assets across retail, residential,
commercial, and logistics segments. Hospitality and Leisure owns a portfolio of over 4,200 hotel keys and leisure
assets principally located in Abu Dhabi and Ras Al Khaimah. Aldar Education is the leading private education
provider in Abu Dhabi with 31 owned and managed schools primarily across the UAE. Principal Investment houses
multiple businesses, including Aldar Estates, the region’s largest integrated property and facilities management
platform.
Aldar Investment3 Q3 2023 Q3 2022 % change 9M 2023 9M 2022 % change
AED million
Revenue 1,514 1,048 44% 4,005 2,800 43%
Adj. EBITDA4 580 424 37% 1,616 1,166 39%
Occupancy 95% 91% - 95% 91% -
(Investment
Properties)5
1 EGP figures stated at the average exchange rate during each quarter (Q3 2023 EGP/AED: 0.118839, 9M2023 EGP/AED: 0.118827)
2 EGP figures stated based on exchange rate as at 30/09/2023 (EGP/AED 0. 0.118851)
3 Excludes Pivot.
4 Aldar Investment EBITDA adjusted for fair value movements (excluding amortization of leasehold assets), reversal of impairments, and one-
off gains/losses on acquisitions.
5 Contracted or leased occupancy as of 30/09/2023.▪ Aldar Investment’s Adj. EBITDA3 is up 37% to AED 580 million in Q3 2023, mainly driven by
meaningful contributions from recent acquisitions, higher leasing rates and strong
operational performance across the portfolio.
▪ Investment Properties Q3 2023 Adj. EBITDA4 increased 27% YoY to AED 432 million, while 9-
month Adj. EBITDA rose 23% to AED 1.1 billion. This strong performance was primarily driven by
higher occupancy and leasing rates, as well as meaningful contributions from recent
acquisitions which continue to positively impact the bottom line. Occupancy across the
portfolio rose to 95% compared with 91% for the same period last year.
˗ Residential Q3 2023 Adj. EBITDA increased 59% YoY to AED 166 million, with a solid
occupancy rate of 97%. This was driven by a one-off early lease termination fee for
a residential bulk lease agreement recognised in Q3 2023. 9-month Adj. EBITDA rose
15% to AED 358 million.
˗ Retail Q3 2023 Adj. EBITDA declined 2% YoY to AED 114 million, while 9-month Adj.
EBITDA remained flat YoY at AED 346 million, largely attributable to the
redevelopment of Al Jimi and Al Hamra Malls. Occupancy across the portfolio stands
at a solid 91%. Yas Mall tenant sales and footfall rose 26% and 33% YoY respectively,
while achieving a near-full occupancy rate of 99%. Aldar aims to replicate this
success through the execution of its ongoing AED 500 million redevelopment plans
for Al Jimi and Al Hamra Malls, with completion expected by the end of 2024.
˗ Commercial Q3 2023 Adj. EBITDA increased 41% YoY to AED 154 million, while 9-month
Adj. EBITDA increased 82% YoY to AED 435 million. This was driven primarily by the
annualization effect of ADGM and stronger operational performance across the
portfolio with occupancy at 96%. On the asset front, HQ and International Towers
witnessed robust average occupancy of 96%, while Aldar’s four ADGM office towers
achieved near-full occupancy at 99%. Al Maryah Tower, set to open in Q1 2024, has
achieved a 40% pre-lease rate, driven by strong demand from GREs and
international corporates.
˗ Aldar Logistics 9-month 2023 Adj. EBITDA increased 43% YoY to AED 36 million, with
occupancy of 91%. Aldar remains focused on expanding its logistics real estate
portfolio in its home market and internationally.
▪ Hospitality and Leisure Q3 2023 EBITDA increased 42% YoY to AED 42 million while 9-month
EBITDA surged 197% YoY to AED 224 million. This was driven by positive contributions from
recent acquisitions, as well as stronger operating performance across the portfolio. Overall
occupancy stood at 68% with average daily rates (ADRs) rising by 46% YoY.
▪ Aldar Education Q3 2023 EBITDA witnessed a 67% YoY increase to AED 48 million, with 9-month
EBITDA increasing 26% YoY to AED 141 million. The business remains committed to growth, with
an additional AED 350 million in capital deployed to acquire Kent College Dubai and Virginia
International Private School, as well as establishing Cranleigh Bahrain.
▪ Principal Investment6, led by Aldar Estates, witnessed a 152% YoY increase in Q3 2023 EBITDA
to AED 58 million, while 9-month EBITDA increased 100% YoY to AED 124 million. This was
6 Excludes Pivot.primarily driven by Aldar Estates’ strategic merger with Eltizam and contributions from recent
acquisitions.
ESG Highlights
As one of the UAE’s leading real estate developers, Aldar has a duty to uphold best practice international ESG
standards. ESG is a core pillar of the company’s long-term growth strategy, with strong governance and
responsible environmental and social impact integrated into its investment processes and business decisions.
Highlights of Aldar’s recent ESG activities include:
▪ Aldar attained a lower ESG risk score of 15.9 from Sustainalytics, compared to 16.1 in 2022, and
was ranked 11th among the 104 diversified real estate companies globally. Aldar also
maintained its BBB MSCI ESG rating.
▪ The company actively engaged retail and commercial tenants in decarbonisation efforts,
which included implementing green leases and green fit-out guidelines. These tenants
occupy 21% of Aldar’s Gross Leasable Area.
▪ Aldar launched the second cycle of the Aldar Thrive Scholarship Programme, welcoming a
total of 41 students including people of determination. The programme aims to provide high-
quality education opportunities to families in need.
▪ At the end of the third quarter, UAE nationals represented 42% of Aldar’s head office
employees, with more than 500 Emiratis receiving employment opportunities across Aldar
since the introduction of the NAFIS programme in September 2021.
▪ Aldar continues to boast a diverse workforce with women representing 40% of total
employees at its head office. 40% of head office employees are also under the age of 35 with
more than 120 nationalities represented across the business.
-ENDS-
For further information, please contact:
Media
Obaid Al Yammahi Sarah Abdelbary
Aldar Properties Brunswick
+971 2 810 5555 +971 2 234 4600
aldar@brunswickgroup.com
Investor Relations
Omar Nashaat
Aldar Properties
+971 2 810 5555About Aldar
Aldar Properties PJSC is the leading real estate developer, investor, and manager in the UAE with a diversified
and sustainable operating model centered around two core businesses: Aldar Development and Aldar
Investment.
Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s
most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for
developing Aldar’s c. 69 million sqm land bank and includes three businesses: Aldar Projects, which is Aldar's
dedicated project delivery arm and the manager of its project management business; Aldar Ventures, which
incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused
on developing mixed-use communities in Egypt.
Aldar Investment houses Aldar’s core asset management business comprising over AED 35 billion portfolio of
investment grade and income-generating assets diversified across retail, residential, commercial, hospitality,
and logistics segments. Aldar Investment also manages three core platforms: Aldar Education, Aldar Estates,
and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, with almost
38,000 students across 31 operated and managed schools, and a growing network of educators from over 100
nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.
Aldar Estates, the region’s largest integrated property and facilities management platform, consolidates Aldar’s
Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will
further include Community Management under one integrated property management platform. Aldar
Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas
Island and Saadiyat, in addition to Ras Al Khaimah. It includes Aldar’s portfolio of 13 hotels, comprising over 4,200
hotel keys and managing operations across golf courses, beach clubs, and marinas.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable,
cash-generative business that provides recurring revenues, and benefits from a diverse and supportive
shareholder base. Aldar operates according to high standards of corporate governance and is committed to
operating a long-term and sustainable business in order to provide ongoing value for its shareholders.
Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role
in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.
For more information on Aldar please visit www.aldar.com or follow us on:

Sentiment: positive