- Aldar Investment’s Adj. EBITDA3 is up 37% to AED 580 million in Q3 2023, mainly driven by meaningful contributions from recent acquisitions, higher leasing rates and strong operational performance across the portfolio.
- Investment Properties Q3 2023 Adj. EBITDA4 increased 27% YoY to AED 432 million, while 9-month Adj. EBITDA rose 23% to AED 1.1 billion. This strong performance was primarily driven by higher occupancy and leasing rates, as well as meaningful contributions from recent acquisitions which continue to positively impact the bottom line. Occupancy across the portfolio rose to 95% compared with 91% for the same period last year.
- Residential Q3 2023 Adj. EBITDA increased 59% YoY to AED 166 million, with a solid occupancy rate of 97%. This was driven by a one-off early lease termination fee for a residential bulk lease agreement recognised in Q3 2023. 9-month Adj. EBITDA rose 15% to AED 358 million.
- Retail Q3 2023 Adj. EBITDA declined 2% YoY to AED 114 million, while 9-month Adj. EBITDA remained flat YoY at AED 346 million, largely attributable to the redevelopment of Al Jimi and Al Hamra Malls. Occupancy across the portfolio stands at a solid 91%. Yas Mall tenant sales and footfall rose 26% and 33% YoY respectively, while achieving a near-full occupancy rate of 99%. Aldar aims to replicate this success through the execution of its ongoing AED 500 million redevelopment plans for Al Jimi and Al Hamra Malls, with completion expected by the end of 2024.
- Commercial Q3 2023 Adj. EBITDA increased 41% YoY to AED 154 million, while 9-month Adj. EBITDA increased 82% YoY to AED 435 million. This was driven primarily by the annualization effect of ADGM and stronger operational performance across the portfolio with occupancy at 96%. On the asset front, HQ and International Towers witnessed robust average occupancy of 96%, while Aldar’s four ADGM office towers achieved near-full occupancy at 99%. Al Maryah Tower, set to open in Q1 2024, has achieved a 40% pre-lease rate, driven by strong demand from GREs and international corporates.
- Aldar Logistics 9-month 2023 Adj. EBITDA increased 43% YoY to AED 36 million, with occupancy of 91%. Aldar remains focused on expanding its logistics real estate portfolio in its home market and internationally.
- Hospitality and Leisure Q3 2023 EBITDA increased 42% YoY to AED 42 million while 9-month EBITDA surged 197% YoY to AED 224 million. This was driven by positive contributions from recent acquisitions, as well as stronger operating performance across the portfolio. Overall occupancy stood at 68% with average daily rates (ADRs) rising by 46% YoY.
- Aldar Education Q3 2023 EBITDA witnessed a 67% YoY increase to AED 48 million, with 9-month EBITDA increasing 26% YoY to AED 141 million. The business remains committed to growth, with an additional AED 350 million in capital deployed to acquire Kent College Dubai and Virginia International Private School, as well as establishing Cranleigh Bahrain.
- Principal Investments6 led by Aldar Estates, witnessed a 152% YoY increase in Q3 2023 EBITDA to AED 58 million, while 9-month EBITDA increased 100% YoY to AED 124 million. This was primarily driven by Aldar Estates’ strategic merger with Eltizam and contributions from recent acquisitions.
7 Excluding Pivot