Aldar Properties reports Dh 2.33 billion net profit for ’21 and is poised for more growth

In 2021, Aldar Properties recorded a net profit of Dh2.33 billion, an increase of 21 percent over the previous year. Revenues reached Dh8.58 billion, an increase of 2 percent. A master-developer in Abu Dhabi intends to pay dividends of 15 fils per share, up from 14.5 fils a year prior.

The near-term, however, will be what investors are most interested in. As it continues a series of well-timed off-plan launches in Abu Dhabi, the company has a backlog of Dh6 billion in revenue. The company has Dh5.4 billion in “unrestricted cash” and Dh4.7 billion in undrawn committed facilities.

Aldar is now well-positioned to pursue additional growth opportunities outside of Abu Dhabi, after already purchasing the Al Hamra Mall in Ras Al Khaimah and a major push in Egypt. “We have built on our robust 2021 performance with strong momentum at the outset of 2022 through a number of transactions, including our entry into the Ras Al Khaimah market and the landmark Dh5.1 billion strategic investment by Apollo Global Management,” said Talal Al Dhiyebi, Group CEO.

The revenue backlog of Dh6 billion raises the “visibility and predictability of future revenue”, the developer said in a statement.

In the fourth quarter of 2021, Aldar led a consortium to buy 85.52 percent of Egypt’s Sixth of October Development and Investment Company (SODIC). “The business continues to perform well, with the consortium now pursuing its objective to advance SODIC’s position as a leading national developer by scale and reputation,” Aldar said.

“With plans for the significant and sustained deployment of capital this year, we are confident and resolute in our ability to deliver superior and substantial value to our shareholders over the medium- and long-term,” said the CEO.

1. Aldar recorded Dh1.1 billion in sales in the fourth quarter of 2021, making it the sixth consecutive quarter in which it exceeded Dh1 billion.
2. Aldar Development’s gross profit for 2021 rose by 30%, with sales revenues reaching a record Dh7.2 billion.
3. In 2021, Aldar will have 44% of its residential mix from overseas and resident ex-pats.