Mon 14-02-2022 20:19 PM
DUBAI, 14th February, 2022 (WAM) — Emaar Properties announced a significant increase in property sales of 209 per cent reaching to AED33.762 billion (US$ 9.192 billion) compared to 2020 sales of AED10.902 billion (US$ 2.968 billion), demonstrating continued investor confidence in the Emaar brand. This is the highest ever property sales recorded by Emaar since its incorporation in 1997.
“Underlining the robust performance of its real estate business as well as strong performance of recurring revenues from its shopping malls, retail and hospitality businesses, Emaar’s 2021 revenue stood at AED 28.270 billion (US$ 7.697 billion), an increase of 57 percent compared to 2020. Emaar reported a net profit of AED3.800 billion (US$ 1.035 billion) for 2021 compared to the net profit of AED 2.109 billion (US$ 574 million) in 2020, a growth of 80 percent,” the company said in a statement today.
With a solid sales backlog of AED46.057 billion (US$ 12.539 billion), which will be recognised as future revenue for Emaar Properties, the backlog reflects the strength of Emaar’s financial position to preserve high revenue, profitability and shareholders’ return in the foreseeable future.
Mohamed Alabbar, Founder of Emaar Properties, said: “Emaar’s portfolio of prime, highly sustainable assets is set to continue to benefit from the fundamental shifts occurring within the real estate market as well as the company’s approach to portfolio optimisation. Emaar has a substantial development pipeline and landbank, which, when combined with its high-quality loyal customer base and expanding talented and dedicated team, leaves Emaar well-positioned to execute on its clearly defined strategy and to successfully deliver attractive, sustainable returns for all stakeholders. As one of the most dynamic and growing markets in the world, Dubai’s property market is a testament to the strength and resilience of the UAE as a nation and Emaar is proud to lead the way forward.”
Emaar has handed over more than 81,600 residential units in Dubai and international markets since 2002, reflecting robust project execution capabilities. Currently, over 24,500 units are under development in the UAE and 10,700 units in global markets.
WAM/ /Hatem Mohamed/Tariq alfaham