Dubai: Emaar Properties reported a net profit of Dh2.436 billion for the first nine months of 2020 with a revenue of Dh13.37 billion.
Emaar’s international operation delivered property sales of Dh3.43 billion in the first nine months of 2020, a growth of 9 per cent compared to the same period in 2019. UAE property sales, amounting to Dh4.351 billion, also recorded a month-on-month increase
“Our performance in the third quarter demonstrates our continued resilience during these challenging conditions. Covid-19 has hugely impacted businesses all over the world, but the plans and strategies that we adopted during the early stages of the pandemic, which included a restructuring of our businesses into leaner operations, showed our great agility in dealing with the crisis,” said Mohamed Alabbar, Founder of Emaar.
“Looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021.”
In the first ninth months of 2020, Emaar Development, Emaar’s build-to-sale real estate business in UAE, reported revenue of Dh7.13 billion with a net profit of Dh1.359 billion.
As of September 2020, Emaar’s delivery track record includes more than 45,000 residential units in Dubai and, including other international markets, Emaar has delivered over 68,500 residential units. Over 28,000 residences are currently being developed in the UAE, alongside 13,000 units across international markets.
Emaar now has a total sales backlog of Dh40.758 billion of which Dh27.28 billion is in the UAE, to be recognised as revenue in the coming years.
Emaar Malls and other businesses
Emaar Malls majority-owned by Emaar Properties reported revenue of Dh2.49 billion in the first nine months of 2020, with a net profit of Dh586 million, despite challenging market conditions.
Emaar’s hospitality & leisure, entertainment and commercial leasing business contributed Dh1.11 billion to the Group’s total revenue. Along with Emaar Malls, these businesses recorded revenue of Dh3.6 billion, representing 27 per cent of Emaar’s overall revenue.
Emaar’s international property development recorded revenue of Dh2.634 billion for the first nine months of the year, similar to the revenues recorded during the same period last year. International development business contributes 20 per cent to Emaar’s total revenue. The results were underpinned by continued successful operations in Egypt and Pakistan, including the launches of Cairo Gate and Mivida mixed-use development and Panorama tower in Karachi.