28/10/2026 03:39 AST
Aldar reported a 19 per cent jump in net profits in the first nine months of 2026, recording Dh7.1 billion, driven by backlog conversion and resilient earnings from a diversified investment properties portfolio.
The developer recorded a 16 per cent increase in revenue to Dh9.3 billion during the third quarter, with the nine-month period recording an 11 per cent rise to Dh26.2 billion. EBITDA up 21 per cent to Dh6.1 billion, driven primarily by execution of revenue backlog, Aldar said.
Earnings per share grew 20 per cent YoY to Dh0.77 during that same period. Group development sales totalled Dh18.9 billion, including Dh6.8 billion in Q3.
Aldar's group sales declined 34 per cent in the third quarter to Dh6.8 billion, and dropped 34 per cent during the first nine-months of 2026 to Dh18.9 billion.
Group revenue backlog totalled Dh71.6 billion at the end of September 2026 providing strong visibility on UAE and International revenue over the next 2-3 years. Approximately 89 per cent of the UAE backlog has been awarded, supporting continued revenue recognition.
By the end of September, its project management services backlog was Dh78 billion, with Dh60 billion under construction.
Declining UAE sales, but projects ongoing
Total UAE sales were down, declining 45 per cent in the third quarter of 2026 to Dh5 billion, while sales were 46 per cent lower over the nine-month period to Dh14.4 billion. Year to date sales stand at more than Dh20 billion.
78 per cent of UAE sales were from overseas and expatriate resident buyers, which totalled Dh11.3 billion over a nine-month period.
The Abu Dhabi-based property developer launched seven projects during the third quarter, including Al Ghadeer Gardens II, Al Ghadeer Parks, The Canopies, Sei Saadiyat, Talay, Talay Beach and Yas Riva Reerve. This brings the year-to-date total to 12 projects.
Aldar handed over almost 2,000 homes during the first nine months, more than double the number handed over during the entirety of 2025.
Egypt sales up 99% in nine months
Egypt-based SODIC, which Aldar holds a majority stake through a consortium, contributed revenue of Dh313 million to Aldar's business in Q3 and Dh670 million in the nine-month period. Its sales totalled Dh1.6 billion in Q3, taking nine-month sales to Dh3.0 billion, up 99 per cent year-on-year. Growth was supported by increased project launches and strong demand for coastal and mid-market offerings.
Aldar's London expansion brings Dh978 million
London Square, a mixed-use commercial and residential developer which Aldar fully acquired in 2023, contributed Dh411 million in Q3 and Dh978 million in the first nine months of 2026.
London Square sales in Q3 2026 totalled Dh226 million, bringing total 9M 2026 sales to Dh1.4 billion, up 177 per cent year-on-year.
Meanwhile, revenue backlog stood at Dh2.8 billion at the end of September 2026, with an average duration of 32 months.
Khaleej Times
Please wait...