2024-02-09 22:02:45
Aldar Properties achieved a 40% increase in net profits on an annual basis, reaching 4.416 billion dirhams in 2023, compared to 3.144 billion dirhams in 2022. In the fourth quarter of 2023, Aldar Development recorded its highest quarterly sales ever, reaching 8.5 billion dirhams, with the group’s sales reaching For the full year to a record level of 27.9 billion dirhams, the group’s cumulative revenues also doubled to reach 36.8 billion dirhams.
Aldar Development’s revenues in the fourth quarter of 2023 increased by regarding 37% on an annual basis to 2.4 billion dirhams, driven by progress in construction work, a recovery in off-plan sales, and the continued collection of accumulated revenues. Revenues for the full year also increased by 19% on an annual basis to 8.3 billion dirhams. The group’s sales in the fourth quarter of 2023 reached 8.5 billion dirhams, with a growth of 65%, recording the highest quarterly sales ever recorded by the house.
Aldar launched 14 new projects with successful entry into the Dubai and Ras Al Khaimah markets, in addition to an established presence in Abu Dhabi, where the projects witnessed strong demand from investors and end users, and international and resident buyers constitute 66%, representing 16 billion dirhams of the company’s sales in the Emirates. Aldar Investments grew revenues by 40%.
Strong foundations
Mohammed Khalifa Al Mubarak, Chairman of the Board of Directors, said: “The strong foundations of the national economy and the stimulating and supportive business environment for growth contribute to providing favorable conditions for the real estate market to flourish. Through its business platform, Aldar succeeded in accelerating the pace of its transformational growth in 2023, recording a significant increase in profits, and it also launched many new projects.
Talal Al Dhiyebi, CEO of Aldar, said: “Over the past five years, our business has achieved significant growth, as sales of development projects in 2023 increased 10-fold over 2018, and the total asset value of Aldar’s portfolio of investment properties increased by more than 50%. ».
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