Aldar Properties reaches significant financial growth for H1 of 2024
Date
7/29/2024 8:39:27 AM
(MENAFN) Aldar Properties, listed on the Abu Dhabi Securities Exchange, has released its financial results for the first half of 2024, showcasing a significant increase in net profits. The company reported a 57 percent rise in net profits after tax, reaching 3.3 billion dirhams (approximately USD900 million). Additionally, profits before deductions surged by 61 percent, amounting to 3.9 billion dirhams (about USD1.06 billion). These impressive figures highlight the company's strong performance over the past six months.
The results also reveal a substantial growth in half-yearly revenues, which climbed 73 percent year-on-year to 10.9 billion dirhams, compared to 6.3 billion dirhams recorded in the same period of 2023. This sharp increase reflects Aldar's robust business activities and market presence. According to the company's statement, several key financial highlights for the first half of 2024 include notable growth in development sales, which reached 14 billion dirhams. This figure represents a 21 percent increase compared to the previous year, driven by strong demand for both new projects and existing inventory.
International and resident buyers have shown continued interest, with purchases totaling 10.2 billion dirhams, accounting for 79 percent of Aldar’s UAE sales during the first half of the year. The accumulated revenues from development projects have reached a record 39 billion dirhams, with UAE revenues hitting an all-time high of 33.2 billion dirhams. This record-setting performance suggests a positive outlook for revenue growth in the years to come.
Aldar's strong financial position is further supported by its substantial cash flow, including 3.6 billion dirhams in cash on hand, 7.6 billion dirhams in undrawn bank facilities, and 6.2 billion dirhams in unrestricted cash collateral balances. In the second quarter of 2024 alone, the company achieved revenues of 5.3 billion dirhams, reflecting a 64 percent year-on-year growth. Net profits after tax for the same period reached approximately 1.8 billion dirhams, marking a 37 percent increase compared to the previous year.
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