PHOTO
A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi. Ben Job, Reuters
Abu Dhabi’s listed developer Aldar Properties will accelerate its “transformational growth agenda” and deploy "significant" capital this year.
The company, which saw its net profit rise 21 percent to 2.33 billion last year on the back of strong property sales, said on Monday that it is already seeing “strong momentum” in the beginning of the year.
Aldar’s full-year 2021 revenue went up 2 percent year-on-year to 8.58 billion in 2021, while gross profit rose 21 percent to 3.6 billion dirhams. Recommended dividend for shareholders increased to AED 0.15 per share.
“We are strongly positioned to accelerate our transformational growth agenda, with a mandate to build scale and enhance diversification across our platform,” said Talal Al Dhiyebi, Group CEO of Aldar Properties.
“With plans for significant and sustained deployment of capital this year, we are confident (that we’ll be able to deliver) substantial value to our shareholders over the medium and long term.”
Last year, the developer announced a new group operating model that will focus on enhancing customer experience, digital transformation, operational efficiency and sustainability.
Investment manager Apollo Global Management has recently signed a deal to invest $1.4 billion in Aldar. Also this year, Aldar made its foray into the Ras Al Khaimah market by acquiring the 27,000-square metre Al Hamra Mall for 410 million dirhams.
(Writing by Cleofe Maceda; editing by Seban Scaria)
