The UAE developer Aldar Properties posted a Q4-2022 net profit of 1 billion dirhams ($272 million), up 28% year-on-year and beating estimates by a wide margin.

For the full year 2022 the net profit was up 35% at AED3.1 billion, the developer said in a statement on the Abu Dhabi Securities Exchange on Thursday.

The results topped the analysts’ mean profit estimates of AED699 million for Q4, and AED2.70 billion for FY as compiled by data provider Refinitiv.

Earnings per share (EPS) came in at AED0.36.

Group revenue for the quarter rose 39% on year to AED3.1 billion.

Sales for Aldar Development doubled on year to AED14.3 billion for FY driven by strong demand for existing inventory and new property launches in the UAE, it added.

The group had a liquidity position of AED6.5 billion of free cash and AED4.0 billion of committed undrawn facilities and is "well placed to capture attractive growth opportunities".

Talal Al Dhiyebi, Group Chief Executive Officer said: "We will continue to deploy substantial capital in a disciplined manner to scale our platform across a diversified range of real estate asset classes.”

It has recommended a FY cash dividend of AED0.16 per share.

(Reporting by Brinda Darasha; editing by Seban Scaria)