Dubai: Emaar Development, a build-to-sell property development business, majority-owned by Emaar Properties reported a net profit of Dh1.51 billion ($412 million) and revenue of Dh7.75 billion ($2.11 billion) in H1-2021, up 46 per cent and 61 per cent compared to the first six months of 2020, respectively.
The developer reported its highest-ever quarterly property sales of Dh7.94 billion in Q2-2021 (April to June) and Dh13.82 in the first six months of 2021, an increase of 328 per cent compared to same period last year.
During H1-2021, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab, the highly anticipated Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence in Emaar Beachfront, and Caya and Bliss in Arabian Ranches III.
Emaar now has a robust sales backlog of Dh27.57 billion, which will be recognised in future as revenue for the business.
Emaar Development remains strongly committed to the delivery of premium luxury properties and to maintaining the highest quality of living experiences. This is in the DNA of our business and the key to our resilient financial performance. Our most successful quarter on record and first-half sales of Dh13.825 billion have been achieved through our commitment to a community-centric, future-focused strategy
Emaar Development has delivered over 2,300 residential units during the first six months of 2021 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, and Emaar South. As of June 2021, Emaar has delivered more than 49,500 residential units, with over 25,700 residences currently under development in the UAE.