- Aldar Investment’s Q2 revenue grew 15% YoY to AED 893 million while Adj. EBITDA for the quarter increased 24% YoY to AED 369 million. The robust performance was mainly driven by a rebound of the hospitality and leisure business, continued uplift in performance in retail, and contributions from new acquisitions during the year. H1 revenue grew 12% YoY to AED 1.75 billion while Adj. EBITDA increased 16% YoY to AED 743 million.
- The Investment Properties Q2 Adj. EBITDA increased 12% YoY to AED 276 million while H1 Adj. EBITDA increased by 10% YoY to AED 575 million compared to the same period last year. This was primarily driven by higher occupancy rates across the portfolio and positive contributions from the Al Hamra Mall and Abu Dhabi Business Hub acquisitions. Occupancy across the portfolio increased to 92% which represents a 4% uplift compared to H1 2021.
- Residential Q2 Adj. EBITDA increased 4% YoY to AED 98 million while H1 2022 Adj. EBITDA5 increased 7% YoY to AED 205 million. The overall portfolio showed continued strength, reaching an occupancy rate of 95%, a 7% increase from the same period last year. This was driven by strong demand for residential villas and apartments particularly at the Al Oyoun Village and The Bridges. As part of its monetisation strategy, Aldar continued the sale of its strata residential units achieving AED 209 million in YTD sales at an average of 14% above book value
- Retail Q2 Adj. EBITDA increased 22% YoY to AED 110 million driven by an uplift in occupancy rates, an increase in contractual recurring revenue streams, and contributions from new acquisitions including Al Hamra Mall in Ras Al Khaimah. H1 Adj. EBITDA increased 18% to AED 228 million compared to the same period last year. Yas Mall achieved 95% occupancy, up from 84% a year earlier as a result of a successful repositioning and redevelopment project. This has significantly contributed to the overall retail portfolio occupancy of 90% compared to 86% in the same period last year.
- Commercial H1 Adj. EBITDA6 increased 3% compared to the same period last year driven by higher occupancy levels. Occupancy stood at 92% registering an increase of 2% compared to H1 2021 driven by an increase in interest in Grade A office spaces from both the government and the private sector. Due to the expiry of Al Mamoura Building leasehold, Q2 Adj. EBITDA declined 10% YoY to AED 57 million. In July, Aldar announced the acquisition the ADGM office towers from Mubadala for AED 4.3 billion representing one of the largest real estate transactions in Abu Dhabi. The acquisition of four Grade A commercial buildings located on Al Maryah Island with a total net leasable area of 179,000 sqm significantly bolsters the platform’s AUM, diversification, and recurring income base.
- Aldar Logistics recorded an Adj. EBITDA of AED 12 million driven by strong demand in warehousing and logistics space. The logistics facilities are over 90% occupied, with long-term tenants including Spinneys, ZonesCorp, and Twofour54.
- The Hospitality and Leisure business witnessed significant growth in Q2, recording a 476% YoY increase in EBITDA to AED 23 million. During the first six months of 2022, the business recorded an EBITDA of AED 45 million, an increase of over 459% compared to H1 2021. This was driven by an ongoing recovery in the travel and tourism sector. Occupancy across the portfolio stands at 66% which represents a 21% increase compared to the same period last year. In Q2, Aldar Investment broadened its hospitality portfolio with the acquisition of Nurai Island Resort, Rixos Bab Al Bahr, and two new islands in Abu Dhabi. It also acquired DoubleTree by Hilton Resort & Spa Marjan Island and the adjacent land for AED 810 million in July.
- Aldar Education reported a 12% YoY increase in Q2 EBITDA to AED 46 million whilst H1 EBITDA rose 3% YoY to AED 83 million in the first six months of 2022. This was driven by a 6% YoY increase in enrolments to over 27,000 students. Aldar Education further diversified its portfolio of schools with the acquisition of Al Shohub Private School in June.
- The Principal Investments business7 business witnessed a 49% YoY increase in Q2 EBITDA to AED 23 million. This was largely driven by increased contributions from Provis from the addition of new revenue streams such as the integrated facilities management services for the government, as well as additional revenues from both the owner’s association and advisory functions. H1 EBITDA increased 35% YoY to AED 39 million.
5 Investment properties EBITDA adjusted for fair value movements (excluding amortization of leasehold assets) and one-off gains/losses on acquisitions.
6 Excludes expired leasehold assets.
7 Excludes Pivot.