Aldar Properties (ALDAR) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong momentum with group revenue up 39% YoY to AED 7.8 billion, EBITDA up 36% to AED 2.5 billion, and net profit after tax up 22% to AED 1.9 billion, driven by robust development sales, recurring income, and new launches in the UAE and internationally.

• Development sales surged 42% YoY to AED 8.9 billion, with a record backlog of AED 55.7 billion, ensuring revenue visibility for 2-3 years.

• Overseas buyers and resident expats accounted for 87% of UAE sales, reflecting strong international demand.

• Total assets reached AED 92.28 billion as of March 2025, and shareholders approved a cash dividend of AED 1.45 billion for 2024.

• AED 16.3 billion was raised through hybrid notes, green sukuk, and syndicated credit facilities, strengthening the capital structure.

Financial highlights

• Group revenue: AED 7.8 billion (+39% YoY); EBITDA: AED 2.5 billion (+36% YoY); net profit after tax: AED 1.9 billion (+22% YoY); gross profit: AED 2.8 billion (+37% YoY).

• Aldar Development revenue: AED 5.7 billion (+46% YoY); EBITDA: AED 1.8 billion (+50% YoY); group sales: AED 8.9 billion (+42% YoY).

• Aldar Investment revenue: AED 1.9 billion (+15% YoY); adjusted EBITDA: AED 764 million (+10% YoY, +20% excluding one-offs).

• SODIC (Egypt) sales up 135% YoY to AED 228 million; London Square (UK) sales up 160% to AED 263 million.

• Earnings per share increased 25% YoY to AED 0.20.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: Group EBITDA target AED 10.4–10.8 billion (+35% vs 2024), development sales AED 36–39 billion, Aldar Development EBITDA AED 6.6–7 billion, Aldar Investment adjusted EBITDA AED 3.2–3.3 billion.

• Gross profit margin for UAE property development expected at 34–36%.

• Management expects continued strong performance, supported by a record backlog and robust demand from both local and international buyers.