Aldar Properties posts record sales and 21 pct profit jump in preliminary results

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Abu Dhabi’s Aldar Properties posted a 21 percent increase in net profit and record sales for the 2021 financial year, in preliminary results published on the Abu Dhabi Exchange (ADX) on Wednesday.

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The developer’s net profit reached $634 million (AED 2.33 billion) for the year ending December 31, 2021.

The company’s properties sales reached an all-time-high of $2 billion (AED 7.2 billion), according to a press release issued by Aldar.

Rental rates stood at 93 percent occupancy at the end of the year, the company said, with Yas Mall driving much of its rental activity by boasting 97 percent occupancy there.

Revenues were up two percent year-on-year to $2.3 billion (AED 8.2 billion), and earnings per share were up 20 percent to $0.08 (AED 0.295).

“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,” said Mohamed al-Mubarak, Chairman of Aldar Properties, in a press statement.

Chief executive Talal al-Dhiyebi added: “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.”

Major project launches including multiple phases of the Noya and Yas Acres developments, al-Gurm, and the third phase of the Saadiyat Reserve were the main drivers behind the company’s record sales figure, Aldar said.

The year ending December 2021 also saw an increase in both female and younger buyers purchasing properties in Abu Dhabi.

Expatriate and overseas customers made up a total of 44 percent of Aldar’s sales, up from 32 percent the previous year.

The company also acquired an 85.52 percent stake in Egypt’s Sixth of October Development and Investment Company (SODIC). The preliminary results did not include the effects of that acquisition.

Aldar was founded in 2004 and is the principle developer behind Yas Island.

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