Report
EUR 9.28 For Business Accounts Only

Q3 earnings review


  • Al Raha Beach land sale materialises, and drives huge growth in P&L. But other development income arrives weak in Q3 (-50% y/y, -31% q/q), suggesting slow execution 
  • Off-plan sales at AED 1bn in Q3 and AED 2.9bn in 9M, which remain strong despite a slower uptake/market absorption today. Aldar is still planning on launching 1500 residential units each year in Abu Dhabi out of its land assets
  • Rental income is still showing growth (+5% y/y), but hotels are feeling the pinch of softer ADR’s. Aldar reiterates guidance for recurring income NOI at AED 2.2bn in FY 20e

Underlying
Aldar Properties - P J S C

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

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