In 2022, Aldar Properties recorded net earnings of AED 3.1B ($ 845M). The net profit for the year increased by 35% over the previous year. Aldar finished the year with a high Q4 net profit of AED 1B ($272.3M), a 28% increase over the same time in 2021. In 2022, the company’s revenue increased by 31% year on year to AED 11.2B ($3.049B).
The company’s development division saw its highest-ever yearly development sales, reaching AED 14.4B, thanks to robust resident and investor demand for both new launches and existing inventory in Abu Dhabi as well as contributions from Egypt.
The platform’s revenue visibility and predictability over the following two to three years will improve, improving scalability, diversity, and profitability growth. Group development revenue backlog hit a record AED 17.6B. Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said, “The UAE economy is demonstrating remarkable stability in the face of global economic headwinds, with the country forging a confident path as a premier investment, business, and lifestyle destination.
“Against this backdrop, real estate market fundamentals remain robust, underpinning Aldar’s bold steps to play a pivotal role in the sustainable development of the sector and the wider economy… Aldar’s agenda for transformational growth has advanced at scale and pace in the last year through significant transactions and a number of strategic development projects.
“In early 2022, the company attracted AED5.1B of long-term institutional capital from Apollo Global Management, setting the tone for the accelerated execution of Aldar’s transformational growth agenda with significant geographic and sector expansion across the platform over the year.”
Talal Al Dhiyebi, Group CEO of Aldar Properties, commented, “Our prime investment property portfolio has proven resilient to global disruption and has experienced an increase in capital values, even at a time of rising interest rates and international market softness. Meanwhile, our development business attracted unprecedented demand from overseas buyers, and we have a strong pipeline of new developments, which will attract both local and international investment, including our first communities in Dubai.”
