Modon H1 net profit reaches Dh2.2 billion after property sales hit Dh26 billion

Revenue rises 40% to Dh9.2 billion while backlog doubles to a record Dh65.4 billion

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Dubai: Modon Holding reported Dh26 billion in property sales during the first half of 2026, including Dh23 billion in Abu Dhabi, after strong demand for new residential developments lifted revenue and expanded its future income pipeline.

The group recorded net profit of Dh2.2 billion, while revenue increased 40% year on year to a half-year record of Dh9.2 billion.

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Modon’s revenue backlog doubled from a year earlier to Dh65.4 billion and increased 42% from the end of 2025. Developments in the UAE and Egypt accounted for 95% of the total backlog.

Abu Dhabi sales reach Dh23 billion

Real estate sales increased 2.6 times from the first half of 2025, driven by developments in Abu Dhabi, Egypt and Spain.

The launch of Hudayriyat Golf Estates generated Dh13 billion in sales within days, which Modon described as the highest sales value recorded for a single residential project launch in the UAE.

Tara Park on Reem Island sold out across two phases launched in March and April, while further phases were released at Wadi Yemm in Egypt.

Real estate revenue increased 56% to Dh5.7 billion, making the segment Modon’s main earnings contributor. The group awarded Dh14.1 billion in construction and consultancy contracts during the period.

Backlog provides future revenue pipeline

Adjusted EBITDA reached Dh3 billion, while recurring revenue increased 22% to Dh3.5 billion and represented 38% of group revenue.

Excluding one-off gains and dividend income recorded during the previous year, adjusted EBITDA increased 18% and net profit rose 23%.

Modon held Dh8.6 billion in unrestricted cash and Dh1.5 billion in undrawn committed facilities at the end of June. Net debt stood at Dh912 million, with net debt to EBITDA at 0.18 times.

Events and leasing income grow

Revenue from events, catering and tourism increased 25% to Dh2.8 billion, including a Dh1 billion contribution from Arena Group.

Modon hosted 484 events that attracted more than 2.7 million visitors across venues in the UAE and UK, while its catering operations served 24.9 million meals, up 5% from a year earlier.

Asset and investment management revenue rose 13% to Dh361 million, supported by higher rental income and occupancy of 96% across owned properties.

Revenue from owned and operated hotels increased 8% to Dh388 million. Modon said higher domestic and staycation demand helped offset softer international tourism during regional travel disruption in March and April.

The group entered the second half with total assets of Dh92 billion and equity of Dh57 billion, representing increases of 6% and 5% respectively since the end of 2025.

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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