10 March 2022 – Gulf News _ www.gulfnews.com
Dubai: Aldar Properties delivered Dh2.33 billion as net profit for 2021, a sharp gain of 21 per cent on the previous year, while revenues totalled Dh8.58 billion, which is up a steady 2 per cent. The Abu Dhabi master-developer intends to offer dividends of 15 fils a share against 14.5 fils a year before.
But it will what the near-term could hold that will have shareholders keenly interested. The company is sitting on a revenue backlog of Dh6 billion as it continues a series of well-timed offplan launches in Abu Dhabi. The liquidity position is at Dh5.4 billion in ‘unrestricted cash” and Dh4.7 billion in undrawn committed facilities.
This sets up Aldar to pursue more growth possibilities outside of Abu Dhabi, having already going in for a major push in Egypt and buying the Al Hamra Mall in Ras Al Khaimah. “We have built on our robust 2021 performance with strong momentum at the outset of 2022 through a number of transactions, including our entry into the Ras Al Khaimah market and the landmark Dh5.1 billion strategic investment by Apollo Global Management,” said Talal Al Dhiyebi, Group CEO.
The revenue backlog of Dh6 billion raises the “visibility and predictability of future revenue”, the developer said in a statement.
In the fourth quarter of 2021, Aldar set the stage for its overseas push by leading a consortium in buying 85.52 per cent in Egypt’s Sixth of October Development and Investment Company (SODIC). “The business continues to perform well, with the consortium now pursuing its objective to advance SODIC’s position as a leading national developer by scale and reputation,” Aldar said.
“With plans for significant and sustained deployment of capital this year, we are confident and resolute in our ability to deliver superior and substantial value to our shareholders over the medium- and long-term,” said the CEO.
- In the fourth quarter of 2021, Aldar recorded Dh1.1 billion in sales – this makes it the sixth consecutive quarter in which it exceeded Dh1 billion in residential sales.
- This was what drove the 30% gain in Aldar Development’s gross profit for 2021, with sales revenues hitting a record Dh7.2 billion.
- Overseas and resident expat buys make up 44% of Aldar’s residential mix in 2021.