Revenue climbs 40% to Dh9.2 billion as Modon backlog doubles to record Dh65.4 billion.
Dubai: Modon Holding recorded Dh26 billion in property sales during the first half of 2026, including Dh23 billion in Abu Dhabi, as strong demand for new residential developments boosted revenue and strengthened the company’s future income pipeline.
The group reported a net profit of Dh2.2 billion, while revenue rose 40 per cent year on year to a record Dh9.2 billion for the first half of 2026.
Modon’s revenue backlog doubled year on year to Dh65.4 billion, rising 42 per cent compared with the end of 2025. Developments across the UAE and Egypt accounted for 95 per cent of the total backlog.
Abu Dhabi sales reach Dh23 billion
Modon recorded Dh23 billion in property sales in Abu Dhabi during the first half of 2026, driven by strong demand for new residential developments and strategic projects.
Real estate sales increased 2.6 times compared with the first half of 2025, driven by strong demand for developments in Abu Dhabi, Egypt and Spain.
The launch of Hudayriyat Golf Estates generated Dh13 billion in sales within days, marking what Modon described as the highest sales value achieved for a single residential project launch in the UAE.
“An exceptional performance from real estate positioned Modon as the largest developer in Abu Dhabi in terms of sales value during H1. This included the UAE’s highest-ever single-project sales value for the launch of Hudayriyat Golf Estates, with Dh13 billion achieved within days,” Abdulla Al Sahi, Group Managing Director of Modon Holding, said.
Tara Park on Reem Island was fully sold across its two phases launched in March and April, while additional phases were introduced at Wadi Yemm in Egypt.
Real estate revenue increased 56 per cent to Dh5.7 billion, making the segment Modon’s largest contributor to earnings. During the period, the group awarded Dh14.1 billion worth of construction and consultancy contracts.
Backlog provides future revenue pipeline
Adjusted EBITDA reached Dh3 billion, while recurring revenue rose 22 per cent to Dh3.5 billion, accounting for 38 per cent of group revenue.
Excluding one-off gains and dividend income recorded in the previous year, adjusted EBITDA increased 18 per cent, while net profit grew 23 per cent.
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 a net debt-to-EBITDA ratio of 0.18 times.
“Our Group revenue backlog of Dh65.4 billion, alongside additional income-generating assets coming online, ensure a positive outlook for future growth. As we move into the second half of the year and beyond into 2027, Modon will expand on its objectives, maintaining forward progress with a disciplined and relentless focus on delivery,” Bill O’Regan, Group Chief Executive Officer of Modon Holding, said.
Events and leasing income grow
Revenue from events, catering and tourism increased 25 per cent 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 the UK. Its catering operations served 24.9 million meals, marking a 5 per cent increase compared with the previous year.
Asset and investment management revenue rose 13 per cent to Dh361 million, supported by higher rental income and 96 per cent occupancy across owned properties.
Revenue from owned and operated hotels increased 8 per cent to Dh388 million. Modon said stronger domestic tourism and staycation demand helped offset weaker international tourism during regional travel disruptions in March and April.
The group entered the second half of the year with total assets of Dh92 billion and equity of Dh57 billion, representing increases of 6 per cent and 5 per cent respectively since the end of 2025.
