Abu Dhabi-based Aldar records net profit of Dhs3.1bn in 2022

Abu Dhabi-based Aldar records net profit of Dhs3.1bn in 2022

Aldar reported a 35 per cent increase in net profit to Dhs3.1bn for the year ending December 31, 2022. The company’s revenue in 2022 rose to Dhs11.2bn, up 31 per cent YoY, it said in a statement. Gross profit for the full year was Dhs4.7bn (up 31 per cent YoY) and earnings before interest, taxes, depreciation and amoritisation (EBITDA) increased 32 per cent YoY to Dhs3.7bn. The company announced a Q4 2022 net profit of Dhs1bn, up 28 per cent year-on-year (YoY), in a statement. Revenue for Q4 was Dhs 3.1bn. Aldar’s development business recorded its highest-ever annual development sales, which reached Dhs14.4bn, supported 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 Dhs17.6bn, enhancing the platform’s revenue visibility and predictability over the next two to three years to drive further scale, diversification, and earnings growth. Aldar Investment’s revenue reached Dhs4.1 bn for the year, representing a 25 per cent YoY growth while adjusted EBITDA rose 34 per cent YoY to Dhs1.6bn. Strong contributions from new acquisitions completed during the year, as well as a significant rebound in both the retail and hospitality