Dubai: Dubai’s Emaar Properties posted an 80 per cent increase in net profit for 2021 at Dh3.80 billion on the back of record property sales in the UAE, it announced on Monday.
Revenue stood at Dh28.27 billion, a 57 percent jump compared with Dh18 billion in the year-ago period, the developer said in a filing to the Dubai Financial Market.
Property sales saw a 209 per cent jump at Dh33.76 billion, compared to Dh10.90 billion in 2020 – the highest ever property sales recorded by Emaar since its incorporation in 1997.
“Emaar 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,” said founder Mohamed Alabbar.
The developer also has a sales backlog of Dh46.06 billion, which will be recognised as future revenue, it said.
Subsidiary Emaar Development saw highest ever property sales in Dubai at Dh27.44 billion, a 335 per cent jump compared to 2020 levels. Revenue stood at Dh15.6 billion (60 per cent growth), while net profit was Dh3.24 billion (up 96 per cent).
Revenue for Emaar Malls stood at Dh4.98 billion while net profit was recorded at Dh1.83 billion, a growth of 42 per cent and 160 per cent, respectively. Emaar Malls’ assets have a healthy occupancy level of 87 per cent.