Aldar Properties reports revenue of Dhs8.39bn for 2020, up 17%

Abu-Dhabi headquartered real estate development, management and investment company Aldar Properties reported a 17 per cent rise in revenue to Dhs8.39bn for 2020 on Sunday, February 14.

Its 2020 gross profit also rose 8 per cent to Dhs2.98bn. Its full-year net profit decreased slightly by 2.5 per cent from Dhs1.98bn in 2019 to Dhs1.93bn for 2020.

“Abu Dhabi has successfully navigated the considerable challenges of the global pandemic and is now moving into recovery,” said Mohamed Al Mubarak, chairman of Aldar Properties, Abu Dhabi’s largest real estate developer.

“We have adopted a new operating model to propel the company to the next level in terms of scale and breadth of activity and to meet our ambitious sustainability targets. This will involve a major programme to accelerate the recycling of capital and to invest in expansion,” said Al Dhiyebi, group CEO of Aldar Properties.

Last month Aldar Properties established independent arms Aldar Investment and Aldar Development as part of its new operating model.

Read: Abu Dhabi’s Aldar Properties announces new operating model to drive growth

Aldar Investment and Aldar Development will be led by their own CEOs – Jassem Busaibe and Jonathan Emery, respectively

Aldar Estates recently acquired the full-service real estate services company Asteco Property Management and all its branches across Abu Dhabi and Dubai last week.

Read: UAE’s Aldar Estates acquires Asteco Property Management

In January, Abu Dhabi signed off on deals with Aldar worth $12.3bn. The company will take on management of Dhs30bn in developments and provide oversight for projects worth Dhs10bn in education, health-care and infrastructure. Aldar will also manage Dhs5bn of projects that were awarded by the government in 2019.

Read: Aldar jumps as Abu Dhabi signs off on $12bn in deals