Abu Dhabi – Mubasher: Aldar Properties posted net profits to the shareholders worth AED 2.94 billion during 2022, higher than AD 2.21 billion in 2021.

The basic and diluted earnings per share (EPS) soared to AED 0.36 last year from AED 0.29 in 2021, according to the income statements.

Revenues and rental income in 2022 leaped by 31% to AED 11.20 billion, compared to AED 8.57 billion in 2021. Furthermore, the total assets of Aldar grew to AED 61.27 billion from AED 49.54 billion.

Financials for Q4-22

During the fourth quarter (Q4) of 2022, the company generated 39% year-on-year (YoY) higher revenues at AED 3.10 billion, while the net profits after tax increased by 28% to AED 1 billion.

Chairman of Aldar, Mohamed Khalifa Al Mubarak, said: “In early 2022, the company attracted AED 5.10 billion of long-term institutional capital from Apollo Global Management, setting the tone for the accelerated execution of Aldar’s transformational growth agenda with significant geographic and sector expansion across the platform over the year.”

Dividends for 2022

The board members of the real estate developer recommended a cash dividend payout of 16 fils per share for 2022.

The dividend proposal, which amount represents 16% of the share nominal value, is still subject to the approval of the ordinary general meeting (OGM).

Outlook

Meanwhile, the CEO of Aldar, Talal Al Dhiyebi, noted: “The year ahead will see our financial strength position us well to capitalise on our growing opportunity set. We will continue to deploy substantial capital in a disciplined manner to scale our platform across a diversified range of real estate asset classes.”

During the first nine months (9M) of 2022, Aldar’s net profits to the shareholders soared to AED 2.02 billion from AED 1.53 billion in 9M-21.

The sales reached AED 8.06 billion in the 9M-22 period, compared with AED 6.32 billion in 9M-21.

It is worth mentioning that Aldar recently acquired Al Fahid Island for AED 2.50 billion, which will be paid over five years.