Investor Relations

ALEC has an extensive track record of successful, timely and efficient execution of large, complex and demanding private and public sector projects in accordance with international quality and safety standards.

• ALEC has delivered 18 consecutive years of profitability, despite regional and global macroeconomic challenges.
• Its strong and consistent execution is underpinned by prudent management of leverage, working capital, and cash buffers.
• As of June 2025, ALEC ranks among the UAE’s leading construction players by value of work under execution, underpinning its scale, credibility, and long-term relevance in the region."

ALEC’s operational excellence, disciplined risk management, integrated capabilities, innovative methodologies, progressive use of technology, and people-first culture have driven its long-term success and given it a competitive advantage to deliver complex projects.

• ALEC offers a comprehensive suite of integrated services enhancing project control and client engagement, positioning it strongly against other contractors. The top 10 projects by size have leveraged at least four related businesses, showcasing its operational breadth.
• ALEC uses a highly selective tendering process to ensure focus on high-quality, high-margin projects with blue-chip clients aligned with its core capabilities. ALEC employs a robust project approval framework to support this approach.
• Managed by experienced commercial teams, ALEC aims to maintain strict project-level cost oversight and control through strategic pricing and risk-sharing with clients.
• ALEC strategically allocates resources to high-growth opportunities, leveraging subcontractors to enhance flexibility and risk management.
• With a focus on driving innovation and adopting the latest technologies, ALEC is leading in Building Information Modelling, which improves collaboration with suppliers and differentiates ALEC in terms of information management excellence. ALEC utilises digital tools to enhance efficiency and performance tracking across all stages of construction.
• ALEC upholds world-class health and safety and worker welfare standards, reporting a world-class LTIFR⁸of 0.203 per million hours in 2024.
• ALEC has a tenured leadership and a strong culture. Over 60% of its C-suite has been with ALEC for 15+ years, creating continuity and a values-driven environment.
• Talent growth is a strategic priority for ALEC, fostering professional development as a driver of retention and sustainable success.

With a reputation as the contractor of choice for large, iconic and technically complex projects, ALEC delivers transformative developments across the UAE and KSA.

• ALEC’s integrated services enable it to efficiently manage highly complex projects while delivering significant value through its broad technical capabilities and operational expertise.
• Flagship projects include: 1. One Za’abeel, a mixed-use development with the world’s longest cantilever   2. SeaWorld Abu Dhabi, the world’s largest indoor marine theme park; and
3. Dubai Hills Mall, for which ALEC was awarded “Retail Project of the Year 2022”.
• These projects showcase ALEC’s deep engineering know-how and ability to integrate multiple solutions (including MEP, fitout, energy systems, and digital infrastructure) at scale, positioning it as a reliable partner for clients seeking comprehensive and innovative solutions.

ALEC is set to benefit from the significant expansion of construction and infrastructure activity in both the UAE and KSA, especially in segments where the Company has strong expertise.

• ALEC operates in two of the most dynamic and attractive markets in the region: UAE and KSA, both of which are experiencing strong growth in project spend.
• In the UAE total project spend is expected to increase by 76% to reach AED 304 billion by 2033 (compared to AED 173 billion in 2024), according to industry consultant, MEED. In that market, ALEC is targeting mega-projects like Dubai’s Al Maktoum International Airport, as well as opportunities in hospitality, logistics and data centres across the Emirates. Its longstanding presence and delivery of complex, iconic projects in the UAE makes ALEC the contractor of choice for these opportunities.
• In KSA, project spend is forecast to more than double to AED 410 billion by 2033 (compared to AED 193 billion in 2024), according to industry consultant MEED. This strong growth is driven by giga-projects and national transformation programmes including Riyadh Expo 2030, FIFA World Cup 2034, Diriyah Gate and Qiddiya. Since establishing its presence in KSA in 2022, ALEC has built a strong foundation for growth through targeted project wins and integrated offerings. ALEC has a clear roadmap to scale presence selectively through targeted partnerships, development of local capacity, and through Target Engineering. The data centre space is also expected to be an important focus sector moving forward.

ALEC maintains a strong pipeline of large-scale projects, providing it with multi-year visibility on revenue, earnings, and cash flow.

• ALEC’s backlog has witnessed strong growth in recent years, with contract backlog expanding from AED 8.6 billion as at 31 December 2022, to AED 22.1 billion as at 31 December 2023 to AED 27.5 billion as at 31 December 2024, reaching AED 35.4 billion as at 30 June 2025.
• ALEC’s current backlog is well diversified across sectors and project sizes, reducing customer concentration risk.
• 79% of the current backlog was secured in the last two years, driven by the acquisition of Target Engineering and ALEC’s strategic entry into KSA.
• The backlog is equal to 3.5 times ALEC’s last twelve months (LTM) revenue, one of the highest among globally listed construction peers, as at 30 June 2025.
• ALEC remains active in pursuing further projects and it currently has a promising bidding pipeline with significant bids and pre-qualification tenders underway.

ALEC has consistently delivered profitable, cash-generative growth, underpinned by disciplined execution, efficient capital deployment, and a balanced project portfolio.

• Revenue more than doubled from AED 3.6 billion in FY 2022 to AED 8.1 billion in FY 2024 and grew by 56.0% year-on-year in H1 2025, reflecting the strength of its backlog and ability to scale successfully.
• EBITDA grew from AED 259 million in FY 2022 to AED 646 million in FY 2024, with margin expanding from 7.2% to 8.0%. In H1 2025, EBITDA margin reached 8.2%, demonstrating ALEC’s focus on margin expansion.
• Net income rose steadily, reaching AED 363 million in FY 2024, while maintaining a healthy net income margin.
• Return on Equity⁹ of 35% and Return on Capital Employed10 of 45% in FY 2024, reflect high capital efficiency and a strong focus on value creation.
• ALEC intends to pay a cash dividend of AED 200 million (payable in April 2026) and a cash dividend of AED 500 million for FY 2026 (payable in October 2026 and April 2027), and adopt a semi-annual policy with a minimum payout ratio of 50% of net profit thereafter, subject to Board recommendations and shareholder approval.

ALEC is led by a high-calibre management team with deep sector experience and a long track record of successful project delivery, supported by a strategic and independent Board of Directors and a strong institutional shareholder, ICD.

• The executive management team brings over 30 years (and, together with the business heads and department heads, over 420 years combined) of individual industry experience, demonstrating commitment, continuity, and sector insight.
• Members of the Board bring diverse expertise from infrastructure, government, investment, and ESG-focused sectors, ensuring balanced decision-making and institutional governance.
• Backed by ICD, the principal investment arm of the Government of Dubai, ALEC benefits from governance rigour, reputational strength, and strategic connectivity across the region.