Abu Dhabi, UAE – Aldar Properties reported a 35 percent increase in net profit to AED3.1 billion ($0.84 billion) for the year ending December 31, 2022.
In a statement today, the company announced a Q4-2022 net profit of AED1 billion ($0.27 billion), up 28 percent year-on-year (YoY).
The company’s revenue in 2022 rose to AED11.2 billion ($3.04 billion), up 31 percent YoY, it added.
Aldar’s development business recorded its highest-ever annual development sales, which reached AED 14.4 billion ($3.92 billion), driven by strong resident and investor demand across existing inventory and new launches in Abu Dhabi and contributions from Egypt.
Group development revenue backlog reached a record AED 17.6 billion ($4.79 billion), enhancing the platform’s revenue visibility and predictability over the next 2-3 years to drive further scale, diversification, and earnings growth.
“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,” Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said.. “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.”
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar Properties said: “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.”
The company recommended cash dividend of AED 0.16 per share.