- Aldar Investment’s Q2 2023 revenue reached AED 1.2 billion, representing a 39% YoY growth while Q2 2023 Adj. EBITDA rose 35% YoY to AED 499 million. H1 2023 revenue stood at AED 2.5 billion, representing a 42% YoY growth with Adj. EBITDA reaching slightly above AED 1.0 billion. This growth was mainly driven by contributions from acquisitions in 2022 as well as strong performance across core real estate assets and a notable rebound of the Hospitality portfolio.
- The Investment Properties Q2 2023 Adj. EBITDA6 increased 26% YoY to AED 347 million while H1 2023 Adj. EBITDA increased 21% YoY to AED 694 million. This was primarily driven by higher occupancy and rental rates across the portfolio, as well as positive contributions from 2022 acquisitions. Occupancy across the portfolio rose to 94% compared with 92% for the same period last year.
- Residential Q2 2023 Adj. EBITDA was stable at AED 97 million, while H1 2023 Adj. EBITDA fell 7% YoY to AED 192 million due to the sale of strata units, and increased investment into the platform. The overall portfolio showed continued strength with a solid occupancy rate of 95%.
- Retail Q2 2023 Adj. EBITDA rose 4% to AED 115 million supported by strong occupancy rate at 92% compared to 90% for the same period last year. H1 2023 Adj. EBITDA increased 2% YoY to AED 231 million. Tenant sales and footfall in Yas Mall rose 30% and 36% YoY respectively. Meanwhile, the occupancy rate at Yas Mall stood at 99%, representing a 4-percentage point increase compared to the same period last year. In July, Aldar announced an AED 500 million investment plan to redevelop two of its key retail portfolio assets in the UAE - Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah.
- Commercial Q2 2023 Adj. EBITDA increased 147% YoY to AED 140 million, while H1 2023 Adj. EBITDA increased 115% YoY to AED 281 million. This was driven primarily by stronger operating performance across the portfolio with occupancy at 96%. On the asset front, HQ and International Towers witnessed strong leasing activity, while Aldar’s four ADGM office towers have continued to outperform with occupancy at 98%. Continued robust demand for prime offices among GREs and international corporates has also led to Aldar’s upcoming Al Maryah Tower being 35% pre-leased with tenant handovers expected in August 2023.
- Aldar Logistics recorded H1 2023 Adj. EBITDA of AED 25 million, with occupancy of 89%.
- Hospitality and Leisure Q2 2023 EBITDA surged 184% YoY to AED 66 million while H1 2023 EBITDA increased three-fold YoY to AED 181 million. This was driven by positive contributions from 2022 acquisitions, as well as stronger operating performance across the portfolio. On a like-for-like basis (excluding the 2022 acquisitions), H1 2023 revenue rose 25% while EBITDA increased 153% YoY. Occupancy across the portfolio stood at 69%, up from 66% as at the end of Q2 2022 with average daily rates (ADRs) rising 53% across the portfolio.
- Aldar Education Q2 2023 EBITDA increased 11% YoY to AED 52 million while H1 2023 EBITDA increased 12% YoY to AED 93 million driven by a 22% YoY increase in enrolments to just under 33,000 students across 27 operated and managed schools, up from over 27,000 students and 21 schools as at the end of Q2 2022. In July, Aldar Education increased its investment programme by AED 350 million to AED 1.35 billion with the acquisition of Kent College Dubai and Virginia International Private School as well as the establishment of Cranleigh Bahrain, which is set to open in the academic year 2024/2025
- The Principal Investments7 witnessed a 51% YoY increase in Q2 2023 EBITDA to AED 35 million largely while H1 2023 EBITDA increased 70% YoY to AED 67 million driven by increased contributions from 2022 acquisitions. This was further supported by the organic growth of the Aldar Estates platform (mainly Khidmah and Provis).
- Aldar Estates H1 2023 EBITDA increased 51% YoY to AED 59 million driven by meaningful contributions from new acquisitions and organic growth across existing businesses. During the year, Aldar Estates acquired Basatin Landscaping, and announced a strategic merger with Eltizam Asset Management Group as part of its drive to add scale, enhance diversification and broaden the offering and reach of its integrated property and facilities management platform.
6 EBITDA adjusted for fair value movements (excluding amortization of leasehold assets), reversal of impairments, and one-off gains/losses on acquisitions.
7 Excluding Pivot