Aldar achieves record annual property sales of AED 7.2 billion and reports preliminary full year net profit increase of 21% for 2021
Abu Dhabi – UAE, 09 February 2022
- Net profit increase of 21% year-on-year, reaching AED 2.33 billion, supported by strong performance across the group businesses
- Record sales of AED 7.2 billion supported by successful new project launches across varied price points (sales up 100% year-on-year)
- Significant ramp-up of development fee-based business (total project back log of AED 41.1 billion), with over AED 6.9 billion of capex deployed in 2021
- Strong balance sheet and undrawn facilities with liquidity of AED 9.0 billion providing significant dry powder for growth
Note: All figures are both unaudited and preliminary for Aldar Properties PJSC, excluding the financial impact of Sixth of October Development and Investment Company (EGX ticker symbol OCDI; SODIC). Due to the timing of the SODIC acquisition, these preliminary results for Aldar Properties PJSC exclude the financial impact from the consolidation of SODIC that closed on December 15, 2021. Aldar’s full year audited financial results, which will be consolidated and include SODIC figures, will be published in March 2022.
Aldar Properties (Aldar) today announced its preliminary financial results for the full year of 2021, reporting revenues of AED 8.58 billion, up 2% year-on-year, a gross profit of AED 3.60 billion, up 21% year-on-year, and a net profit of AED 2.33 billion, up 21% year-on-year, highlighting the resilience of Aldar’s diversified business model. Aldar also reported earnings per share of AED 0.295, up 20% year-on-year, demonstrating sustainable growth of shareholder value. Aldar’s robust financial results were driven by the strong performance of the Aldar Development business and growth in Aldar Investment’s recurring income portfolio. Aldar Development also reported its highest-ever revenue backlog of AED 5.9 billion, supporting visibility and predictability of future revenue, along with the steady ramp-up of the fee-based business with projects backlog of AED 41.1 billion. Aldar Investment’s resilient performance was driven by strong rental rates and leasing activity across the portfolio, which ended the year at 93% occupancy. This was primarily driven by Yas Mall, Abu Dhabi’s dominant super regional mall, which is benefitting from a successful redevelopment and repositioning plan, ending the year at 97% occupancy.
Commenting on the results, H.E. Mohamed Al Mubarak, Chairman of Aldar Properties, said: “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. Confidence in the emirate’s real estate market continues to strengthen as a result of the successful economic and social reforms implemented by the Abu Dhabi Government and was demonstrated by the sell-out launches that delivered Aldar’s highest-ever annual development sales. With Aldar’s new operating model introduced during 2021, our future growth will be underpinned by geographic and business diversification, strategic investments, and acquisitions in core sectors. Our focus on sustainability, digital transformation, and talent will ensure continued growth and delivery of increased shareholder value.”