The Emirati real estate company, Aldar Properties, announced recording record profits in 2022 with strong operating performance and huge capital investments, as net profits for the past year amounted to 3.1 billion dirhams, an increase of 35% on an annual basis, while profits for the fourth quarter amounted to one billion dirhams, a growth of 28%. on an annual basis.
Aldar Properties said in a statement that the company's revenues last year amounted to 11.2 billion dirhams, an increase of 31% year-on-year, while revenues for the fourth quarter of 2022 jumped by 39% to reach 3.1 billion dirhams.
Aldar Properties achieved a record level in the accumulated revenues of development projects at a value of 17.6 billion dirhams, which heralds the future growth of revenues and the ability to anticipate them during the next two to three years, and this contributes to the expansion and diversification of the company's business and the growth of its profits.
Aldar Properties also recorded acquisitions worth 11.3 billion dirhams through 13 deals that were completed in 2022 in the sectors of logistics, commercial, retail, education and hospitality assets, in addition to the company's geographical expansion in Abu Dhabi, Dubai and Ras Al Khaimah.
Aldar Properties enjoys a strong liquidity position, as it maintains 6.5 billion dirhams in unrestricted cash balances in addition to undrawn bank facilities of 4.0 billion dirhams; Which enhances its opportunities for growth. The company's transformational growth agenda is expected to accelerate further over the next 12-18 months, as 5 billion dirhams of the capital surplus has been allocated to finance a group of acquisitions of cumulative value.
The Board of Directors of Aldar Properties recommended paying a dividend of 0.16 dirhams per share; A compound annual dividend growth rate of 10% over the past 10 years confirms the company's ability to provide long-term sustainable value to shareholders through investment-led growth and cash returns; The company's total dividends amount to 1.3 billion dirhams in 2022 and 10 billion dirhams over the past decade.
On this occasion, the Chairman of the Board of Directors of the company, Mohammed Khalifa Al Mubarak, said: The UAE economy shows remarkable stability in the face of global economic challenges, with the country continuing to consolidate its position as a major destination for investment, doing business and living. In light of this, Aldar relies on the strong foundations of the real estate market in the UAE to continue its pivotal role in the sustainable development of the sector and the economy in general.
Al-Mubarak explained that, in the past year, Aldar Properties has made tangible progress in the scope and pace of transformational growth through many important deals and strategic development projects. In early 2022, the company attracted AED 5.1 billion in long-term corporate capital from Apollo Global Management, accelerating the company's transformational growth agenda while significantly expanding its footprint across various sectors and geographies.
For his part, CEO of Aldar Real Estate Group, Talal Al Dhiyebi, said: The company entered a new phase of growth that led to achieving record financial results in 2022, and established its position as a leading company in the real estate sector in the region. Our core investment property portfolio has proven resilient to global volatility, seeing its valuations increase even in the face of rising interest rates and weak international markets. Meanwhile, our development projects have witnessed unprecedented demand from international buyers, and today we are focused on launching new projects that will attract local and foreign investment, including our first residential projects in Dubai.
There is no doubt that the rapid growth of our business and our strict financial policies provide sustainable value for our shareholders. The strong position we enjoy today has been reflected in our ability to steadily increase our dividend payout over the past decade, while continuing to invest heavily in the long-term growth of our business and maintaining our leverage at balanced levels. We look forward to next year, during which we will be able to leverage our solid financial position to access more growth opportunities, while we will continue to invest capital in a disciplined way to enhance the growth of our business across a diversified set of real estate assets.
