In an impressive feat for the third consecutive year, Aldar Properties surpassed expectations, recording a 40% surge in net profit to Dh4.4 billion in 2023. This remarkable achievement was complemented by a revenue of Dh14.2 billion, marking a substantial 26% increase.

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The Abu Dhabi-based developer, expanding its footprint across various regions including Dubai, Ras Al Khaimah, London, and Western Europe, has proposed a dividend payout of 17 fils per share, totaling Dh1.3 billion for the fiscal year 2023.

With a compounded annual growth rate (CAGR) of 9% over the past decade, Aldar underscores its commitment to delivering sustainable shareholder value through consistent dividends.

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Amidst its expansion endeavors, Aldar unveiled the Nikki Beach project in Ras Al Khaimah and initiated its inaugural project in Dubai, the Haven, during the final quarter of 2023, coinciding with a net profit surge to Dh1.4 billion.

Chairman Mohammed Khalifa Al Mubarak highlighted Aldar’s intensified growth trajectory in 2023, emphasizing the company’s focus on accelerating earnings growth through a robust pipeline of new developments and the optimization of its recurring income portfolio. Notably, Aldar recently announced plans to allocate Dh5 billion towards the creation of an additional portfolio of assets aimed at bolstering recurring income streams.

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With a substantial liquidity position comprising Dh2.9 billion in free cash and untapped credit facilities amounting to Dh7.5 billion, Aldar stands firm with a “strong” financial standing, poised for further growth and investment opportunities.