Modon Holding, a leading Abu Dhabi-based developer, today (July 29) reported record first-half results, netting a 40% jump in its revenue which soared to AED9.2 billion ($2.5 billion), building on the momentum established over the past two years.
Announcing the results for the six months ended June 30, 2026, Modon Holding said its group net profit increased to AED2.2 billion, reflecting the evolving business mix while demonstrating the resilience of a diversified business model.
The group translated sustained customer demand, disciplined execution and continued operational delivery into record half-year revenue, while maintaining strong profitability and progressing its long-term strategic priorities. Modon also achieved record real estate sales and revenue backlog, underscoring continued demand and securing strong future revenue visibility.
Modon’s outstanding start to 2026 reflected the strength of the group’s diversified platform, with all cumulative months during the first half outperforming the corresponding period last year. Continued investment in talent, operational capabilities and organisational capacity further strengthened the Group's ability to support its future growth.
Supported by Abu Dhabi's resilient economic fundamentals and continued investor confidence, the group maintained strong execution against its strategic priorities. Growth was driven by accelerated revenue recognition from Modon’s expanding development progress and stable recurring income streams.
Building on its strong H1 2026 performance, Modon enters the second half of the year with a record backlog, strong liquidity and an expanding development pipeline, underpinned by a diversified business model and disciplined execution. Continued progress across its development portfolio is expected to accelerate project handovers and support future revenue recognition, positioning the Group to deliver sustainable earnings growth and long-term value creation.
Real Estate remained the group’s primary earnings driver supported by ongoing execution across flagship master-planned developments.
Real Estate sales reached AED 26 billion across Abu Dhabi, Egypt and Spain, reinforced by the record-breaking launch of Hudayriyat Golf Estates alongside the successful sell-out of Tara Park on Reem Island, demonstrating continued demand for high-quality residential communities in Abu Dhabi. Internationally, strong momentum continued at Wadi Yemm in Egypt through the launch of additional phases, and at the ultra-luxury La Zagaleta estate in Spain.
On the solid performance, Chairman Jassem Bu Ataba Al Zaabi said: "Modon’s performance in the first half of 2026 demonstrates the strength of the group’s ambition, agility and resilience, translating a bold long-term vision into sustainable value while advancing growth. Strong results across our integrated portfolio highlight the institutional strength, operational excellence and strategic foresight that continue to define its success."
"Supported by a diverse business platform and expanding international footprint, the group is well positioned to capture emerging opportunities and deliver consistent, long-term value for shareholders. Modon remains focused on creating lasting impact for investors and customers, extending its scale and global reach while contributing meaningfully to Abu Dhabi’s economic and social development ambitions," he added.
Group Managing Director Abdulla Al Sahi said Modon has successfully generated consistent year-on-year revenue and profit growth.
"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 AED 13 billion achieved within days," he stated.
"Successful repositioning of services for Events, Catering and Tourism, as well as Hospitality assets pivoting to local guests, ensured we maintained growth across the Group throughout the six months, while higher rental yields and strong performance from Asset and Investment Management further strengthened the Group's recurring income base," he added.
Group CEO Bill O'Regan said: "The Group’s H1 2026 performance reflects the continued execution of Modon’s strategy, the strength of its integrated platform and its international presence. Delivering a record AED 9.2 billion in revenue with AED 2.2 billion in net profit demonstrates the scale of Modon’s ambition, its capability to deliver on commitments, and a business model built on sound foundations."
"Our group revenue backlog of AED 65.4 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," he added.
Modon enters the second half of 2026 with strong momentum and a clear focus on disciplined execution, underpinned by a diversified operating portfolio, resilient recurring income streams and a high-visibility development backlog.
The group’s first half performance reflects continued progress across its core businesses, demonstrating the strength of its integrated model and ability to navigate evolving market conditions.
Looking ahead, Modon remains focused on accelerating delivery across its portfolio and converting its AED65.4 billion backlog into revenue through disciplined execution, phased launches and continued construction momentum across key destinations in the UAE and Egypt.-TradeArabia News Service