Zaha Hadid Architects' profit increased by 38% last year, with the company more than doubling its revenue from the Middle East.
The firm reported a turnover of £77.2 million for the year to April 30, 2024, an 11% increase from the £69.4 million it reported the previous year, and its profit before tax rose from £658,000 to £907,000.
Its profits were largely driven by high workloads in the Middle East, where the firm's revenue grew from just over £12 million in 2023 to more than £27 million in 2024.
The firm's major ongoing projects in the region include the $1.3 billion Al Khuwair master plan in Muscat, Oman, a luxury 293-house residential scheme in Qatar valued at nearly $1 billion, and a residential development called The Alba on Palm Jumeirah in Dubai.
The Far East remained the company’s biggest market, with revenue of £35.6 million, though this is down from £42.2 million generated from the region in 2023.
In the UK, where the company said it faced “extremely tough” competition for architectural contracts, its income remained largely stable, with a slight drop from £1.8 million to £1.7 million.
Work in Europe, the firm's third-largest market, also decreased from £11.7 million in 2023 to £10.3 million in 2024, while in North America, it grew from £1.2 million to £2.2 million.
The firm remains obligated to pay 6% of its annual net income to a charitable foundation set up by its late founder Zaha Hadid, who passed away in 2016, after losing a court case in the High Court to break a licensing deal.
Since 2018, the agreement has raised £21.4 million for the foundation that manages Hadid’s legacy and estate.
The firm argued that the royalties imposed an unfair financial burden, limiting its ability to compete, although financial records presented to the court show that its revenues nearly doubled from 2013 to 2023.
The firm is run by Patrick Schumacher and four other directors. Latest figures show that this year the company did not pay dividends to its directors.