Aldar Net Profits Jump 20% To Dh2.3 Billion In First Quarter Despite Iran Conflict

2026-04-28 02:21:41

(MENAFN- Khaleej Times) Abu Dhabi-based property developer Aldar recorded a 20 per cent increase in net profits to Dh2.3 billion in the first quarter of 2026 despite geopolitical tensions. The group's gross profit rose 19 per cent year-over-year to Dh3.3 billion.

The property developer's revenue increased by 12 per cent to Dh8.7 billion, up from Dh7.8 billion in the same period last year. Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 22 per cent to Dh3 billion.

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By the end of the quarter, the developer's project management services backlog was Dh91.6 billion, with Dh66.7 billion under construction. The group development revenue backlog reached a record level of Dh72.1 billion at the end of March, up from Dh71.7 billion at the end of December, giving it clear visibility on revenue over the next three years.

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However, group sales saw a 25 per cent decline to Dh6.7 billion due to moderate sales activity in March and a disciplined approach to launches in response to evolving market conditions. The UAE sales contributed to Dh5.9 billion, a 30 per cent decrease from Dh8.4 billion in the first quarter of 2025.

Mohamed Khalifa Al Mubarak, the chairman of Aldar, gave his thanks to the UAE government for its commitment to safeguarding the UAE's residents, as well as reinforcing stability, supporting businesses, and maintaining a secure environment.

“Within Aldar Development, we continued to convert our record backlog into revenue. Underlying demand fundamentals remain robust, reaffirmed by the very successful recent launch at Yas Park Place. This supports our view that demand remains resilient for the right product, underpinned by a structurally undersupplied market in Abu Dhabi and strong long-term economic fundamentals,” Group CEO of Aldar, Talal Al Dhiyebi, said.

“Abu Dhabi continues to demonstrate strong economic fundamentals, underpinned by policy clarity, long-term vision, and sustained investment across key sectors. The emirate's resilience, coupled with its enduring global appeal as a destination to live, work, and invest, provides a solid foundation for continued growth,” Al Mubarak said.

The developer's international sales network, including its newly introduced 'World of Aldar' virtual experience centres in Hong Kong and London, supported its cross-geography sales. Its London Square property contributed over Dh316 million to Aldar's revenue, while its sales (Dh576 million) were driven by three development launches in Q1.

Aldar has partnered with the Abu Dhabi Department of Municipalities and Transport to develop and build around 9,000 affordable housing rental units in two residential communities in the capital, bringing Aldar's develop-to-hold pipeline to Dh20.1 billion.

The real estate company is also on track to deliver more than 3,500 units in 2026, and has completed 550 homes in March alone, it said previously.