Aldar reports AED2.33 billion in net profit in 2021, an increase of 21%

Aldar reports AED2.33 billion in net profit in 2021, an increase of 21%

ABU DHABI, 9th February, 2022 (WAM) -- Aldar Properties (Aldar) today announced its preliminary financial results for the full year of 2021, reporting revenues of AED8.58 billion, up 2 percent year-on-year, a gross profit of AED3.60 billion, up 21 percent year-on-year, and a net profit of AED2.33 billion, up 21 percent year-on-year, highlighting the resilience of Aldar’s diversified business model.

Aldar also reported earnings per share of AED0.295, up 20 percent year-on-year, demonstrating sustainable growth of shareholder value.

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 AED5.9 billion, supporting visibility and predictability of future revenue, along with the steady ramp-up of the fee-based business with projects backlog of AED41.1 billion.

Aldar Investment’s resilient performance was driven by strong rental rates and leasing activity across the portfolio, which ended the year at 93 percent occupancy. This was primarily driven by Yas Mall, Abu Dhabi’s dominant super regional mall, which is benefitting from a successful redevelopment and repositioning plan, ending the year at 97 percent occupancy.

Commenting on the results, Mohamed Al Mubarak, Chairman of Aldar Properties, said, "Aldar’s robust