Aldar Properties Group reports net profit of Dhs1.53bn in H1 2022
Now Reading
Aldar reports net profit of Dhs1.53bn in H1 2022, net profit in Q2 hits Dhs41m

Aldar reports net profit of Dhs1.53bn in H1 2022, net profit in Q2 hits Dhs41m

Group sales rose to a record level of Dhs5.33bn for H1 2022, driven by strong domestic and international demand for existing inventory and launch of new properties

Avatar
ALDAR announces H1 2022 results

Aldar Properties Group announced that its net profit rose to Dhs1.53 billion in the first half of 2022, representing a year-over-year (YoY) increase of 44 percent compared to the same period last year. Net profit amounted to Dhs841m during Q2, representing a YoY  increase of 62 per cent compared to the same period in 2021.

Group sales touched Dhs5.33bn, a 55 per cent increase from the same period last year. Meanwhile, Q2 group sales increased 33 per cent to Dhs3.12bn over last year.

The group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 30 per cent to Dhs958m compared to the same period last year, with revenue increasing 40 per cent YoY to Dhs3.54bn.

In Q2, the group’s EBITDA increased 31 per cent YoY to Dhs501m, with revenue increasing 31 per cent YoY to Dhs1.76bn. This increase was driven by record sales from new project launches and existing inventory in the UAE, robust performance of project management services, and continued contributions from SODIC

Talal Al Dhiyebi, the group CEO at Aldar Properties, said, “Aldar continues to execute on its transformational growth agenda as we consolidate our position as the leading real estate developer and manager in the UAE. Over the first half of the year, we deployed and committed over Dhs11bn of capital adding considerable scale and diversification to our portfolio as we expanded into new markets and sectors, and enhanced earnings growth across our platform.

“Our diversified business continues to grow from strength to strength with a buoyant market sentiment in Abu Dhabi, underpinned by strong economic fundamentals. We achieved robust development sales driven by substantial demand from end-users and international investors. Our fee-based business demonstrated strong momentum with a significant ramp-up in government projects and our investment property portfolio showed continued strength in terms of occupancy, income, and value appreciation.

“Looking ahead, we remain focused on delivering new development launches and remaining active on the acquisition front as we continue to deploy capital effectively in value-accretive opportunities. We have already demonstrated this commitment with the recent announcement of our acquisition of prime commercial properties in Abu Dhabi Global Market (ADGM) from Mubadala.”

Read: Aldar to acquire four properties from Mubadala, deal valued at Dhs4.3bn

He added: “Backed by a strong liquidity position and the additional firepower from Apollo Global Management’s investment, we are well-positioned to further progress our transformational growth strategy. This enables us to add further scale to our portfolio, specifically in the education and logistics sectors, as well as expand our geographical footprint across UAE, Egypt, and Saudi.”

Aldar is delivering on its transformational growth strategy announced in H1 2022 across logistics, commercial, retail, and hospitality sectors, as well as geographic expansion. Furthermore, Dhs5bnn further equity capital is to be deployed over the next 12 months.

Acquisition of a 6.2 million square metre land plot on Saadiyat Island also bolsters Aldar’s land bank for future development.

Read: Aldar acquires land bank valued at Dhs3.68bn on Saadiyat Island

Group revenue backlog rose 168 per cent YoY to Dhs11.38bn, providing strong visibility on future revenue in both UAE and Egypt operations.

Aldar also maintains a significant ramp-up of the fee-based business with a project backlog of Dhs57.6bn, driven by project additions across infrastructure, community buildings, schools, and national housing. This provides visibility of future earnings for the next four years, the company said.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top