Aldar Properties (ALDAR) Q4 2024 earnings summary

Executive summary

• Revenue rose 62% YoY to AED 23 billion, EBITDA increased 51% to AED 7.7 billion, and net profit climbed 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), robust recurring income, and strategic expansion through new launches, acquisitions, and joint ventures, including partnerships with Mubadala and major investments in Dubai, Egypt, and the UK.

• Assets under management reached AED 42 billion, with a record backlog of AED 54.6 billion and strong liquidity supported by AED 10.5 billion in free cash.

• Strategic expansion included 12 new project launches in 2024, increased activity in Egypt and the UK, and a robust develop-to-hold pipeline valued at AED 13.3 billion.

• Partnerships with Mubadala, DP World, and Expo City expanded the logistics, commercial, and residential portfolio.

Financial highlights

• Revenue: AED 23 billion (+62% YoY); EBITDA: AED 7.7 billion (+51% YoY); Adjusted EBITDA: AED 6.8 billion (+53% YoY); Net profit: AED 6.5 billion (+47% YoY).

• Development sales: AED 33.6 billion (+20% YoY); Revenue backlog: AED 54.6 billion (+48% YoY); Gross profit: AED 8.0 billion (+44% YoY); EBITDA margin: 34%; Net profit margin: 28%.

• Aldar Investment revenue: AED 7 billion (+21% YoY); Adjusted EBITDA: AED 2.7 billion (+20% YoY); AUM at AED 42 billion.

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

• Free and unrestricted cash stood at AED 10.5 billion; total liquidity of AED 18.6 billion.

Outlook and guidance

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

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

• CapEx guidance for 2025: AED 3–4 billion each for M&A and develop-to-hold; 3-year deployment: AED 9–12 billion for both.

• Aldar Investment 2025 adjusted EBITDA: AED 3.2–3.3 billion; 3-year CAGR: 15–20%.

• Gross profit margin for UAE PDS expected at 35–38% over the medium term.