Dubai: Emaar Properties on Sunday reported a net profit of Dh2.61 billion for 2020 with a total revenue of Dh19.71 billion.
The company recorded overall property sales of Dh10.9 billion of which Dh6.32 billion was from the UAE.
“The performance shows sustained interest from investors, both domestic and foreign," the company said in a statement.
“Our performance in 2020 is a direct result of our ability to move quickly, adapt to new business conditions and utilise our existing resources to access new opportunities. We continue to embrace technology to help grow our business, while at the same time closely adhere to the cost discipline that helps us achieve better results in each quarter,” said Mohamed Alabbar, founder of Emaar.
Emaar has a total sales backlog of Dh36.67 billion of which Dh24/74 billion is in the UAE to be recognized as revenue in the future.
“Looking ahead to 2021, we see a world of opportunities – both traditional and tech-driven – that will help us grow in ways and in markets that didn’t exist five or ten years ago,” said Alabbar
Emaar Development, the company’s build-to-sell real estate business in the UAE, reported a net profit of Dh1.65 billion and a revenue of 9.75 billion. The company is currently developing over 26,000 residences in the UAE, alongside 12,000 units across international markets.