4Q22 Results – Robust performance, beat estimates
The company has reported a strong revenue of AED 11,200mn for FY22, recording 30.6% growth over FY21 boosted by strong resident and investor demand. The strong performance was supported by contributions from new acquisitions and a strong recovery in the hospitality and retail portfolios. In line with a full-year performance, the 4Q22 performance too has been spectacular beating our estimates. The quarter witnessed revenue growth of 38.9% YoY and 15.5% on QoQ basis to AED 3134mn.
Across-the-board increase in revenue
Aldar development’s FY22 revenue grew 38% YoY to AED 6,965mn. The segment’s UAE’s sales for FY22 increased by 52% to AED1100mn led by strong demand for existing property and 9 launches. Egypt Operations SOIDC continues to deliver strong performance contributing AED 1400mn in the total FY22 revenues with EBITDA coming around AED 276 mn. Aldar investments recorded revenue of AED 4100 mn growing at 25% YoY. The segment-adjusted EBITDA reached grew by 34% YoY to AED 1600mn.
Outlook
The strong performance delivered by the company is a reflection of the resilient property market in the GCC region. With the macro-economic outlook appearing to be growing with stability, the company is well-placed to maintain its growth trajectory.