Aldar Properties, the largest real estate development company in Abu Dhabi, announced a net profit of $526 million for 2020, a slight increase from the previous year.
According to Refinitiv data, analysts had previously estimated Aldar's net profit at $460 million. Aldar had achieved a net profit of $520 million in 2019. The net profit for Aldar in the fourth quarter of 2020 amounted to $198.48 million, an increase of 28% compared to the previous year. Aldar's shares rose by 12.3% this year, closing at $1542.63, and saw a slight decrease of 0.6% in 2020, ending the year at $1373.62 after recording a drop to $904.81 in March 2020. The Board of Directors recommended a cash dividend of $0.039 per share for 2020, unchanged from the previous year. Aldar reported that 85% of its workforce opted to receive the COVID-19 vaccine within less than a month.
The ADQ holding company, affiliated with the Abu Dhabi government, signed a memorandum of understanding with Aldar Properties, under which Aldar will manage and implement government capital projects totaling approximately $8.2 billion, according to the Abu Dhabi Media Office. Among these projects are the Riyadh City project and the Northern Bani Yas project, along with other projects in the Al Ain and Al Dhafra regions, which together will include more than 25,000 plots and villas, in addition to the associated infrastructure upon completion.
