Aldar Properties reported net profits of AED3.1bn ($845m) in 2022.
The net profit for the year saw a 35 per cent increase on the year before.
Aldar ended the year with a strong Q4 net profit of AED1bn ($272.3m), a 28 per cent increase on the same period in 2021.
The company’s revenue in 2022 climbed AED11.2bn ($3.049bn), up 31 per cent year-on-year.
Aldar Properties profits
The firm’s development business recorded its highest-ever annual development sales, which reached AED 14.4bn, driven by strong resident and investor demand across existing inventory and new launches in Abu Dhabi and contributions from Egypt.
Group development revenue backlog reached a record AED17.6bn, enhancing the platform’s revenue visibility and predictability over the next two to three years to drive 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 AED5.1bn 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 CEO 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.”
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