Aldar Properties (Aldar) reported revenues of Dh8.58 billion, an increase of 2% over last year, gross profit of Dh3.60 billion, an increase of 21%, and a net profit of Dh2.33 billion, an increase of 21% over last year.
The strong financial results of Aldar were primarily driven by the robust performance of Aldar Development and the growth in Aldar Investment’s recurring income business. Additionally, Aldar Development reported its highest-ever revenue backlog of Dh5.9 billion, which supports visibility and predictability of future revenue, along with the steady ramp-up of fee-based businesses with projects backlog of Dh41.1 billion.
“Aldar’s robust performance in 2021 represents a resilient business that is diversifying and transforming at pace, and highlights Abu Dhabi’s appeal as a premier global investment destination,” said Mohamed Al Mubarak, Chairman of Aldar Properties.
“Our development business’ annual sales record and strong revenue backlog coupled with the robust occupancy performance and leasing growth across Aldar Investment’s portfolio demonstrates the resilience of our diversified business and strong execution capabilities,” said Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties.
Aldar Development
Aldar Development, Abu Dhabi’s leading property developer, announced sales of Dh1.1 billion in Q4 and a record total sales of Dh7.2 billion for the year. Major project launches, including multiple phases of Noya and Yas Acres and Al Gurm, as well as the third phase of Saadiyat Reserve, drove the sales figure. In Abu Dhabi, sales were supported by a broadening customer profile, with an increasing percentage of female and younger buyers.
Aldar’s overseas and resident ex-pat customers were in high demand throughout the year, representing 44 percent of its sales, an increase of 32 percent over last year. Throughout 2021, Yas Island remains a key priority, accounting for 62 percent of total sales value.