Aldar reported 21 per cent year-on-year growth in net profit for 2021, reaching AED2.33bn, as the company benefited from the UAE’s response, and recovery, to the Covid-19 real estate slump.
The company’s gross profit also increased 21 per cent year-on-year to AED3.6bn, while revenue increased two per cent year-on-year, reaching AED8.58bn.
“Supported by the government’s proactive economic and social initiatives that have encouraged an even more open, tolerant, and vibrant environment, Abu Dhabi saw cross-sector growth in 2021, demonstrating the resilience and strength of its broader economy,” Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties said in a statement.
“The robust fundamentals of Abu Dhabi’s real estate sector were reflected in Aldar’s impressive results, as the company continues to build on its position as a trusted partner for public-private collaboration on strategic real estate and infrastructure projects, adding considerable momentum to our leadership in the sector in the UAE. With an increasingly mature asset mix, Abu Dhabi has clearly bolstered its status as a world-renowned destination to live, work, visit, and invest,” Al Mubarak added.
The company’s development arm, which is responsible for property development, sales, and management, reported sales of AED7.2bn for 2021 last month, and saw its gross profit for the year jump to AED1.82bn, a 30 per cent increase. The increase was driven by major project launches, including multiple phases of Noya and Yas Acres, Al Gurm and the third phase of Saadiyat Reserve, according to the company.
