Q3 2024 Aldar Properties PJSC Earnings Call Transcript
Key Points
- Aldar Properties PJSC (ADX:ALDAR) reported a 69% year-on-year increase in group revenue, reaching 16.5 billion AED for the first nine months of 2024.
- Net profit rose by 52% year-on-year to 4.6 billion AED, showcasing strong financial performance.
- The company successfully launched eight new developments in 2024, contributing to a 24% increase in group sales to 24 billion AED.
- Aldar's investment properties portfolio maintained a high occupancy rate of 95%, with the commercial portfolio at 97% occupancy.
- Aldar education recorded a 49% year-on-year increase in adjusted EBITDA, driven by higher enrollment and recent acquisitions.
- There was a significant drop in property development and sales margin during Q3, attributed to fewer land sales and project handovers.
- The hospitality and leisure portfolio experienced a 4% year-on-year decrease in adjusted EBITDA due to a one-off income recognized a year earlier.
- The company faces a high CAPEX commitment of approximately 20 billion AED over the next few years, which could impact cash flow.
- Aldar's logistics segment, while growing, is still a smaller contributor compared to other segments and will take time to significantly impact earnings.
- The company has not provided explicit guidance on CAPEX deployment, leading to uncertainty about future capital expenditure allocation.
Hello, everyone and welcome to today's older properties. Nine months, 2024 financial results call, my name is Seb and I'll be the operator for your call today. If you would like to ask a question during the Q&A session, you can press star one on your telephone keypad or if you're listening to the call via the online web presentation, you can type your question using the Q&A box in the top right hand corner of the screen.
I will now hand over to Faisal Falaknaz Group chief Financial and Sustainability Officer to begin the call. Please go ahead.
Hello everyone. Thank you for joining us on this call to discuss financial performance for the first nine months of the year and that has continued its strong growth trajectory and the company is now operating at significant scale across our core businesses.
We continue to set new records in development sales while higher recurring income has been driven by organic growth and the contribution of recent
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