{"id":88935,"date":"2024-02-12T00:00:00","date_gmt":"2024-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-companies-report-2023-earnings\/"},"modified":"2024-02-12T00:00:00","modified_gmt":"2024-02-12T00:00:00","slug":"more-companies-report-2023-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/12\/more-companies-report-2023-earnings\/","title":{"rendered":"More companies report 2023 earnings"},"content":{"rendered":"

Aldar's net income rose 40% y-o-y to AED 4.4 bn in 2023<\/strong>, underpinned by record sales, robust demand, and an expanded investment portfolio, according to the company\u2019s earnings release (pdf)<\/a>. The company\u2019s revenues rose 26% y-o-y to AED 14.2 bn in 2023. Full-year sales increased 94% y-o-y to a record AED 27.9 bn, while its revenue backlog grew to a record AED 36.8 bn. Growth came on the back of expat buyers and international investors, as well as its expansion into Dubai, Ras Al Khaimah and the UK, the developer said. <\/p>\n

SOUND SMART- <\/strong>In real estate, sales \u2260 revenues.<\/strong> With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.<\/p>\n

The Abu Dhabi-based real estate developer\u2019s net income stood at AED 1.4 bn in 4Q 2023<\/strong>, up 39% y-o-y, while revenues rose 40% y-o-y to AED 4.4 bn in 2023. Group sales hit AED 8.5 bn, up 65% y-o-y, marking Aldar\u2019s highest-ever quarterly sales.<\/p>\n

Looking ahead:<\/strong> An \u201cAED 5 bn pipeline of \u2018develop-to-hold\u2019 assets across core segments and AED 1 bn investment in logistics set to bolster recurring-income streams and long-term capital appreciation,\u201d the developer said, adding that it is \u201cwell positioned for further expansion, centered on its home market.\u201d<\/p>\n

Dividends:<\/strong> The company plans to dish out some AED 1.3 bn in dividends for 2023, according to the statement. <\/p>\n

\n

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Construction and real estate firm Emirates Stallions Group (ESG) reported a 316% y-o-y increase in net income<\/strong>to <\/strong>AED 687 mn <\/strong>in 2023, according to its earnings release (pdf)<\/a>. The International Holding Company subsidiary saw a 70% y-o-y growth in revenues to AED 609 mn, primarily driven by an emphasis on high-value projects. Meanwhile, total assets grew 168% y-o-y, standing at AED 3.06 bn. <\/p>\n

An expanded scope: <\/strong>ESG ventured into new sectors last year, with acquisitions such as a majority stake in United International Group for manpower solutions, and an entrance into staff housing and real estate with investments in Kezad Communities and Afkar Financial & Property Investments. The company also launched ESG Hospitality to solidify its position in the hospitality sector. <\/p>\n

Looking ahead:<\/strong>\u201cESG remains committed to building on its current momentum, with a focus on sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both its shareholders and clients alike,\u201d reads the press release.<\/p>\n

\n

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Al Yah Satellite Communications Company\u2019s (Yahsat) net income attributable to <\/strong>shareholders<\/strong> rose 68% y-o-y to AED 405 mn in 2023<\/strong>, according to the company\u2019s unaudited financials (pdf)<\/a>. The company\u2019s revenues also rose 5.5% y-o-y to AED 1.68 bn, driven by expansions across all operating segments, and in particular mobility solutions, the company said.<\/p>\n

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Ras Al Khaimah Poultry & Feeding Co. (Rapco Investment)<\/a><\/strong> turned to the black in <\/strong>2023<\/strong>, recording a bottom line of AED 16.2 mn after reporting losses of nearly AED 561k in 2022, according to the company\u2019s preliminary results brief (pdf)<\/a>. Rapco collected AED 11.5 mn in income from investments last year, up 16% y-o-y. The company attributes the profitability to the commencement of hospitality operations in 4Q 2022, the brief adds.<\/p>\n

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Umm Al Quwain General Investments<\/a><\/strong> saw its bottom line fall 45% y-o-y to AED 27<\/strong> mn in 2023<\/strong> due to a one-off gain from a share sale in 2022, as well as a decline in unrealized income on the back of a revaluation of investments, according to the company\u2019s preliminary results (pdf)<\/a>. Revenues declined 38.5% y-o-y to AED 35.1 mn in 2023. <\/p>\n

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Abu Dhabi-based investment firm <\/strong>The National Investor<\/a><\/strong> narrowed its net losses in <\/strong>2023 to<\/strong> AED 476k<\/strong>, down from a net loss of AED 27.2 mn in 2022, according to the company\u2019s preliminary results (pdf)<\/a>. The company also saw its revenues rise to AED 4.9 mn last year, compared to a loss of AED 20.8 mn in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

More bumper earnings from real estate players, and The National Investor turns to the black<\/p>\n","protected":false},"author":1,"featured_media":88936,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[1360,1459,237,478,7,834,534,836,835,491],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-abu-dhabi","tag-aldar","tag-earnings-watch","tag-emirates-stallions-group","tag-enterpriseam-uae","tag-rapco","tag-ras-al-khaimah","tag-the-national-investor","tag-umm-al-quwain-general-investments","tag-yahsat","wpautop","entry"],"acf":{"mongo_id":"9b335bd5-7f24-43df-86da-69e6967b0680","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/901.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More companies report 2023 earnings: Aldar, Emirates Stallions Group, Yahsat, Rapco, Umm Al Quwain General Investments, and The National Investor","related_issue":[88920],"teaser":"More bumper earnings from real estate players, and The National Investor turns to the black","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.21883306-844d-43b9-b2e8-a92d37fee01d.mp3"},"yoast_head":"\nMore companies report 2023 earnings - 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