Aldar posts net profit of AED3.1bn in 2022

Aldar posts net profit of AED3.1bn in 2022

ABU DHABI, 9th February, 2023 (WAM) -- Aldar Properties reported an 35 percent increase in net profit to AED3.1 billion for the year ending 31st December, 2022.

In a statement today, the company announced a Q4-2022 net profit of AED1 billion, up 28 percent year-on-year (YoY).

The company's revenue in 2022 rose to AED11.2 billion, up 31 percent YoY, it added.

Aldar’s development business recorded its highest-ever annual development sales, which reached AED 14.4 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, enhancing the platform’s revenue visibility and predictability over the next 2-3 years to drive further scale, diversification, and earnings growth.

Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, said, “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. 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.

“Aldar’s agenda for transformational growth has advanced at scale and pace in the last