The net profit of Aldar Properties increased by 35% to AED3.1 billion for the financial year that ended on December 31, 2022.
On 9th February, the company revealed a Q4-2022 net profit of AED1 billion, up 28% year over year (YoY).
It said that the company’s revenue in 2022 increased to AED11.2 billion, up 31% YoY.
Aldar’s development division saw its highest-ever yearly development sales, which totaled AED 14.4 billion, thanks in large part to strong demand from Abu Dhabi residents and investors for both new and existing inventory, as well as for contributions from Egypt and new launches.
A record AED 17.6 billion in the backlog for group development revenue has increased the platform’s revenue visibility and predictability over the following two to three years, promoting further scale, diversification, and earnings growth.
Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said, “The UAE economy is demonstrating remarkable stability in the face of global economic headwinds, with the country forging a confident path as a premier investment, business, and lifestyle destination. Against this backdrop, real estate market fundamentals remain robust, underpinning Aldar’s bold steps to play a pivotal role in the sustainable development of the sector and the wider economy.
“Aldar’s agenda for transformational growth has advanced at scale and pace in the last year through significant transactions and a number of strategic development projects. In early 2022, the company attracted AED 5.1 billion of long-term institutional capital from Apollo Global Management, setting the tone for the accelerated execution of Aldar’s transformational growth agenda with significant geographic and sector expansion across the platform over the year.”
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties, commented, “Our prime investment property portfolio has proven resilient to global disruption and has experienced an increase in capital values, even at a time of rising interest rates and international market softness. Meanwhile, our development business attracted unprecedented demand from overseas buyers, and we have a strong pipeline of new developments, which will attract both local and international investment, including our first communities in Dubai.”
The company recommended a cash dividend of AED 0.16 per share.
