Aldar’s development sales reach Dhs9.3bn in first nine months of 2022

October 31, 2022 1239

The group announced a net profit of 2.13bn for the nine-month period, ending September 30, registering a 38 per cent year-on-year growth

Abu Dhabi-based Aldar announced a ninth consecutive quarter of record-breaking group sales, with year-to-date sales standing at Dhs9.3bn, surpassing FY2021 total group sales by Dhs2bn.

The robust sales performance was driven by continued strong demand for existing inventory and new property launches in the UAE as well as sales in Egypt. The group’s development backlog stands at Dhs14.5bn.

The group announced a net profit of 2.13bn for the nine-month period, ending September 30, registering a 38 per cent year-on-year growth. Revenue earned was Dhs8.07bn, a 28 per cent year-on-year rise. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) touched Dhs2.54bn, reflecting a 34 per cent year-on-year rise.

Talal Al Dhiyebi, group CEO of Aldar Properties: “Having demonstrated strength and agility through various economic cycles, Aldar continues to accelerate its sustainable growth in a bullish UAE market, while creating long-term value for its shareholders. As such, we are intent on maintaining our pace of investment activity in the region, backed by our strong liquidity position and driven by our transformational growth strategy. We will also continue to activate our extensive land bank to sustain our elevated level of development sales, in line with the growth of off-plan sales to international and expatriate buyers as Abu Dhabi’s position as a global investment destination matures.”

Group performance highlights

  • Execution of transformational growth strategy continues with over Dhs11bn in transactions announced in 2022 year-to-date across multiple geographies and sectors, including the Dhs4.3bn acquisition of the ADGM towers in one of the largest real estate transactions to be completed in the UAE.
  • The remaining components of the $1.4bn Apollo Global Management transaction closed and fully drawn during Q3, including $500m land JV and $400m equity investment into AIP at 100 per cent of net asset value, adding significant financial backing to continue scaling up the real estate platform through further transformative acquisitions.
  • Dhs5bn of surplus capital allocated to fund equity contributions towards acquisitions over the next nine to 12 months.
  • Strong liquidity position, with Dhs5.4bn of free cash and Dhs4.9bn of committed undrawn facilities.
  • Strong year-to-date performance across all segments in Aldar’s investment portfolio, led by the retail, commercial, and hospitality segments. New acquisitions already delivering meaningful contributions in Q3 and are set to accelerate into Q4.
  • Continued strengthening of Aldar’s project management business, Aldar Projects, with Dhs31.6bn of new projects awarded year-to-date, giving significant visibility into the segment’s future revenue. The current project management backlog stands at Dhs64.2bn.

In recent developments, Aldar Properties announced it was investing Dhs25m towards energy retrofit projects in 13 of its residential communities to reduce utility consumption for owners and tenants.