UAE-based Aldar Properties has registered a AED2.33 billion ($603 millon) net profit for 2021, up 21 per cent year-on-year, mainly driven by the strong performance of Aldar Investment’s recurring income portfolio.
Announcing the results for 2021, Aldar said its gross profit rose to AED3.6 billion, while its revenues surged to AED8.58 billion, highlighting the resilience of Aldar’s diversified business model.
The Abu Dhabi developer also reported a earnings per share of AED0.295, up 20 per cent year-on-year, demonstrating sustainable growth of shareholder value.
Its robust financial results were driven by the strong performance of the Aldar Development business and growth in Aldar Investment’s recurring income portfolio, it stated.
Aldar Development also reported its highest-ever revenue backlog of AED5.9 billion, supporting visibility and predictability of future revenue, along with the steady ramp-up of the fee-based business with projects backlog of AED41.1 billion.
Aldar Investment’s resilient performance was driven by strong rental rates and leasing activity across the portfolio, which ended the year at 93 percent 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 percent occupancy.
On the results, Chairman Mohamed Al Mubarak 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," he stated.
Group CEO Talal Al Dhiyebi said: "With the economic rebound gathering momentum throughout 2021, Aldar not only delivered an excellent set of financial results, but also invested in diversifying and futureproofing our business with strategic acquisitions, a strengthened development pipeline, and a first international market entry."
"Our development business’ annual sales record and strong revenue backlog coupled with the robust occupancy performance and leasing growth across Aldar Investment’s portfolio demonstrates the resilience of our diversified business and strong execution capabilities," he stated.
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