Abu Dhabi: Aldar Properties (Aldar) has reported revenues of Dh8.58 billion, up 2 per cent year-on-year, a gross profit of Dh3.60 billion, up 21 per cent year-on-year, and a net profit of Dh2.33 billion, up 21 per cent year-on-year.
Aldar’s robust financial results were driven by the strong performance of the Aldar Development business and growth in Aldar Investment’s recurring income portfolio. Aldar Development also reported its highest-ever revenue backlog of Dh5.9 billion, supporting visibility and predictability of future revenue, along with the steady ramp-up of the fee-based business with projects backlog of Dh41.1 billion.
“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.
“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,” said Talal Al Dhiyebi, Group CEO of Aldar Properties.
The company wants to deploy surplus capital "as quickly as we can," said Chief Financial Officer Greg Fewer, adding that a pipeline of possible deals exist.
Aldar Development, Abu Dhabi’s leading property development company, reported sales of Dh1.1 billion in Q4, bringing the full year total sales to a record figure of Dh7.2 billion. Major project launches including multiple phases of Noya and Yas Acres, Al Gurm and the third phase of Saadiyat Reserve were the primary drivers behind this highest-ever sales figure. Sales were supported by a broadening customer profile, with an increasing number of younger and female buyers purchasing properties in Abu Dhabi.
The overseas and resident expat customer segment showed strong demand throughout the year, representing 44 per cent of Aldar’s sales, up 32 per cent from the previous year. Yas Island remains a key priority, with developments on the island accounting for 62 per cent of the total value of sales throughout 2021.