Aldar Properties reports 21% jump in annual profit on record sales

Aldar Properties reports 21% jump in annual profit on record sales

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 21 per cent jump in its full-year 2021 profit, as revenue climbed on the back of record property sales amid continued recovery of the UAE’s property market.

Net profit for the 12-month period to the end of December climbed to Dh2.3 billion ($644m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the financial year rose two per cent annually to about Dh8.6bn. Sales for the reporting period doubled to a record Dh7.2bn, supported by successful new project launches across different price points that broadened the company’s customer base.

“Aldar’s robust performance in 2021 represents a resilient business that is diversifying and transforming at pace, and highlights Abu Dhabi’s appeal as a premier global investment destination,” Mohamed Al Mubarak, chairman of Aldar Properties, said.