Aldar Properties (ALDAR) Q4 2024 earnings summary

Executive summary

• Revenue rose 62% year-over-year to AED 23 billion, with EBITDA up 51% to AED 7.7 billion and net profit up 47% to AED 6.5 billion, reflecting broad-based growth and diversification across UAE, Egypt, and UK platforms.

• Growth was driven by record development sales of AED 33.6 billion (+20% YoY), recurring income from acquisitions, and strong international contributions.

• Strategic expansion included major Dubai commercial assets, joint ventures with Mubadala, and a robust D-Hold pipeline valued at AED 13.3 billion.

• Assets under management grew to AED 42 billion, more than doubling since 2020, with a 15-fold increase in backlog.

• Strong liquidity and resilient capital structure supported by free cash of AED 10.5 billion and undrawn credit facilities of AED 8.1 billion.

Financial highlights

• Group sales totaled AED 33.6 billion (+20% YoY), with a revenue backlog of AED 54.6 billion (+48% YoY).

• Adjusted EBITDA grew 53% to AED 6.8 billion, with EBITDA margin at 34% and net profit margin at 28%.

• Aldar Investment's adjusted EBITDA increased 20% to AED 2.7 billion, with AUM at AED 42 billion.

• Cash collections in the UAE totaled AED 11 billion for the year.

• Total assets increased to AED 85.7 billion, and total equity reached AED 42.8 billion.

Outlook and guidance

• 2025 group EBITDA guidance: AED 10.4–10.8 billion (at least 35% growth); 3-year CAGR expected at 25–30%.

• 2025 development sales guidance: AED 36–39 billion; development EBITDA: AED 6.6–7 billion.

• Investment segment 2025 adjusted EBITDA: AED 3.2–3.3 billion, with 15–20% CAGR over three years.

• CapEx guidance for 2025: AED 3–4 billion each for M&A and D-Hold; similar levels expected over the next three years.

• First residential and retail concepts in Saadiyat Cultural District to be delivered in 2025.