Revenue increased by 44% YoY in 3Q25, in line with estimates
In 3Q25, Aldar’s revenue and rental income rose 44% YoY to AED 8,026mn, in line with our estimates. For 9M25, revenue and rental income increased 43% YoY to AED 23,553mn. This growth is attributed to strong demand for existing inventory and new project launches.
3Q25 net profit increased 41% YoY, matching our projections
In 3Q25, net profit attributable to equity holders of the company rose 41% YoY to AED 1,529mn, in line with our projections. For 9M25, net income attributable to equity holders increased 30% YoY to AED 5,142mn.
U Capital view
Aldar delivered robust earnings growth in 9M25, underpinned by its diversified portfolio and effective strategic execution. The surge in demand for premium real estate, driven by population expansion and the UAE’s global appeal, has propelled Aldar’s development backlog to a record AED 66.5bn. Meanwhile, its AED 17.6bn develop-to-hold pipeline underscores the depth of the company’s long-term investment strategy. Aldar also maintains a solid liquidity position, with AED 12.3bn in free cash and AED 17.4bn in undrawn bank facilities as of September 30, 2025, reinforcing its disciplined growth approach. We reiterate our target price of AED 11.1/share and maintain an Accumulate rating on the stock.