- Aldar Investment’s Q3 revenue grew 34% YoY to AED 1.05 billion while Adj. EBITDA for the quarter increased 33% YoY to AED 424 million. The robust performance was mainly driven by new acquisitions and continued strong performance of Aldar’s Investment portfolio as post-pandemic recovery gathered momentum.
- The Investment Properties Q3 Adj. EBITDA6 increased 23% YoY to AED 342 million. This was primarily driven by higher occupancy rates across the portfolio and positive contributions from the ADGM towers, Al Hamra Mall and Abu Dhabi Business Hub acquisitions. Occupancy across the portfolio increased to 91% which represents a one percentage point uplift compared to Q3 2021.
- Residential Q3 Adj. EBITDA6 increased 7% YoY to AED 105 million. The overall portfolio showed continued strength, reaching an occupancy rate of 97%, up 5% compared to the same period last year as Aldar strengthens its position as a landlord of choice due to its prime residential communities and dedication to customer experience. Aldar continued the sale of strata residential units as part of its monetisation strategy. During the first nine-months of 2022, Aldar achieved AED 232 million in sales at an average of 14% above book value.
- Retail Q3 Adj. EBITDA6 increased 12% YoY to AED 117 million, driven by increased footfall and occupancies in Yas Mall as well as community retail and dining destinations. Yas Mall occupancy stood at 97% showing an increase of 8% compared to the same period last year. This has significantly contributed to the overall retail portfolio occupancy of 90% compared to 88% in Q3 last year.
- Commercial Q3 Adj. EBITDA6 increased 46% to AED 108 million compared to the same period last year, driven by the positive contribution from the ADGM acquisition. Like-for-like occupancy (excluding ADGM towers) held flat at 89%.
- Aldar Logistics recorded a Q3 Adj. EBITDA6 of AED 14 million. The logistics facilities are 87% occupied.
- The Hospitality and Leisure business witnessed momentous growth in Q3, recording a significant YoY increase in Adj. EBITDA6 to AED 30 million. This was driven by the significant recovery in the travel and tourism sector post-Covid and the positive contributions of new acquisitions including Nurai Island Resort, DoubleTree by Hilton and Rixos Bab Al Bahr in Ras Al Khaimah. Occupancy across the portfolio stood at 70% compared to 47% in the same period last year.
- Aldar Education Q3 EBITDA increased 14% to AED 29 million. The platform is poised for growth with a 25% YoY increase in enrolments to almost 33,000 students across 28 operated and managed schools. The AED 1 billion investment plan is now fully committed with new schools coming to Khalifa City, Yas Island and Saadiyat Island over the course of the next three academic years that will enhance the portfolio and further broaden the choice of high-quality education options for students.
- The Principal Investments business7 business witnessed a 60% YoY increase in Q3 EBITDA to AED 24 million. This was largely driven by increased contributions from Provis given the addition of new revenue streams such as the integrated facilities management services for the government, as well as additional revenues from both the owner’s association and advisory functions. Further diversification and scale has been achieved through the acquisition of Spark Security Services in early September for AED 125 million. The acquisition further strengthens the property and facilities management platform, providing fully integrated services for Aldar’s growing portfolio of assets and for third-party clients.
6 EBITDA adjusted for fair value movements (excluding amortization of leasehold assets) and one-off gains/losses on acquisitions. There were no fair value movements in Q3 2022 and 2021.
7 Excludes Pivot.