Aldar Properties, a leading property developer in the UAE, has reported a strong financial and operating performance in 2020 driven by record annual development revenue and increased income from management of government infrastructure contracts.
Announcing the results for the financial year 2020, Aldar said its revenue grew 17 per cent to hit AED8.39 billion ($2.28 billion), driven by record development business performance.
The Abu Dhabi developer's gross profit too rose 8% to AED2.98 billion, while its full-year net profit steadied at AED1.93 billion.
On the solid performance, Chairman Mohamed Al Mubarak said: "Abu Dhabi has successfully navigated the considerable challenges of the global pandemic and is now moving into recovery."
"A rapid and globally pioneering approach to promoting health and safety has been backed by the Emirate’s financial strength and the Government’s proactive support of our communities. This effective combination has underpinned the long-term fundamentals of the economy and sustained investor confidence in the real estate sector.
During this critical period, Aldar has reinforced its position as the trusted partner for public-private collaboration on strategic real estate and infrastructure investment. I am proud that Aldar’s robust balance sheet and best-practice governance ensure that the company will be an important driver of Abu Dhabi’s growth in the coming years," he added.