Emirates News Agency – 35% growth in the profits of “Aldar Properties” in 2022

ABU DHABI, 9th February, 2020 (WAM) — Aldar Properties announced record profits last year, amid strong operating performance and huge capital investments.
And the company stated, in a statement today, that its net profits increased on an annual basis by 35% to 3.1 billion dirhams in 2022, while its profits increased in the fourth quarter of last year by 28% to 1 billion dirhams, while the company’s revenues increased on an annual basis by 31%. to 11.2 billion dirhams, while total profits amounted to 4.7 billion dirhams, a growth of 31%, and EBITDA amounted to about 3.7 billion dirhams, an increase of 32% from last year 2022.
Aldar achieved a record year for development sales with an all-time high of AED 14.4 billion in annual sales, supported by strong demand from residents and investors for existing inventory, new project launches in Abu Dhabi, and contributions from Egypt; It also recorded a record level in the accumulated revenues of development projects at a value of 17.6 billion dirhams, which heralds the growth of revenues in the future and the ability to anticipate them during the next two to three years, and this contributes to the expansion and diversification of the company’s business and the growth of its profits.

The company recommended paying a dividend of 0.16 dirhams per share; The dividend compound annual growth rate of 10% over the past ten years confirms the company’s ability to provide long-term sustainable value to shareholders through investment-led growth and cash returns; The company’s total dividends amount to 1.3 billion dirhams in 2022 and 10 billion dirhams over the past decade.
His Excellency Mohammed Khalifa Al Mubarak, Chairman of the Board of Directors of Aldar Properties, said: The UAE economy is showing remarkable stability in the face of global economic challenges, with the country continuing to consolidate its position as a major destination for investment, business and living. In light of this, Aldar relies on the strong foundations of the real estate market in the UAE to continue its pivotal role in the sustainable development of the sector and the economy in general.
His Excellency added: Last year, Aldar made tangible progress in the scope and pace of transformational growth through many important deals and strategic development projects. In early 2022, the company attracted AED 5.1 billion in long-term corporate capital from Apollo Global Management, accelerating the company’s transformational growth agenda while significantly expanding its footprint across various sectors and geographies.
He said: Most importantly, during this rapid growth, Aldar maintained its firm commitment to sustainability standards, as we recently launched a detailed roadmap to achieve net zero emissions, and it is one of the most comprehensive plans to decarbonize the business of a company of this size in our region, and the company focuses on achieving Strong financial performance while driving fundamental change across operations, supply chains and communities to create lasting value for all stakeholders.
For his part, Talal Al Dhiyebi, CEO of Aldar Real Estate Group, said: Aldar entered a new phase of growth that led to achieving record financial results in 2022, and established its position as a leading company in the real estate sector in the region. Our core portfolio of investment properties has proven resilient to global volatility, seeing its valuations increase even in the face of rising interest rates and weak international markets; Meanwhile, our development projects have witnessed unprecedented demand from international buyers, and today we are focused on launching new projects that will attract local and foreign investment, including our first residential projects in Dubai.
There is no doubt that the rapid growth of our business and our strict financial policies provide sustainable value to our shareholders. The strong position we enjoy today has been reflected in our ability to steadily increase our dividend payout over the past decade, while continuing to invest heavily in the long-term growth of our business and maintaining our leverage at balanced levels; We look forward to next year, during which we will be able to leverage our solid financial position to access more growth opportunities, while we will continue to invest capital in a disciplined way to enhance the growth of our business across a diversified set of real estate assets.
Aldar completed acquisitions worth 11.3 billion dirhams through 13 deals in 2022 in the sectors of logistics, commercial, retail, education and hospitality assets, in addition to the company’s geographical expansion in Abu Dhabi, Dubai and Ras Al Khaimah. The company’s transformational growth agenda is expected to accelerate further during the 12-18 months. 5 billion dirhams of the surplus capital has been allocated to finance a group of acquisition deals of cumulative value.
The Apollo deal – worth 5.1 billion dirhams – confirms Aldar’s ability to attract foreign capital, support the real estate market in the UAE, consolidate Aldar’s leading position in it, and achieve the company’s transformational growth strategy, while the latest joint venture with Dubai Holding marks the entry of Aldar To the high-performance real estate market in Dubai, which will contribute to expanding its geographical presence, diversifying its sources of revenue, and increasing its strategic stock of land.
The company maintained a strong performance of the recurring income investment portfolio, supported by contributions resulting from new acquisitions and a strong recovery in the hospitality and retail portfolios, in addition to a strong liquidity position for the company, as it maintains 6.5 billion dirhams in unrestricted cash balances in addition to undrawn bank facilities worth 4 billion dirhams. ; Which enhances its opportunities for growth.
Aldar is at the forefront of companies contributing to achieving the goals of the UAE initiative to achieve carbon neutrality with its recent launch of a comprehensive plan to decarbonize its activities and portfolio of assets.