HomeChannelsFeaturedEmaar posts AED2.67b net profit for 2020

Emaar posts AED2.67b net profit for 2020

Arabian Post Staff

Emaar Properties , the master developer of the Burj Khalifa, reported a revenue of AED 19.710 billion (US$ 5.366 billion) and net profit of AED 2.617 billion (US$ 712 million). Overall property sales were worth AED 10.902 billion (US$ 2.968 billion) of which AED 6.321 billion (US$ 1.721 billion) was achieved in UAE. The company attributed the performance to sustained interest from investors, both domestic and foreign.
Emaar now has a total sales backlog of AED 36.677 billion (US$ 9.986 billion) of which AED 24.738
billion (US$ 6.735 billion) is in the UAE, to be recognised as revenue in the coming years.
Mohamed Alabbar, founder of Emaar, commented on the company’s strong results: “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.
“Looking ahead to 2021, we see a world of opportunities – both traditional and technology-driven –
that will help us grow in ways and in markets that didn’t exist five or ten years ago. This growth and
prosperity would not have been possible without the UAE’s wise leadership, who continue to
provide us with business conditions where we can achieve our full potential.”
Emaar Development , Emaar’s build-to-sell real estate business in UAE, reported revenue of AED 9.758 billion (US$ 2.657 billion) with a net profit of AED 1.657 billion (US$ 451 million). Emaar Development remains committed to its projects’ delivery timeframes. As of December 2020, Emaar’s delivery track record includes more than 47,000 residential units in Dubai and, including other international markets, Emaar has delivered over 72,100 residential units. Over 26,000 residences are currently being developed in the UAE, alongside 12,000 units across
international markets.

Emaar Malls , majority-owned by Emaar Properties , reported revenue of AED 3.508 billion (US$ 955 million) in 2020, with a net profit of AED 704 million (US$ 192 million), despite a significant disruption due to Covid-19.
As part of its continued support for tenants, Emaar Malls also extended its flexible Rent Relief Policy
until March 31 2021, including a tiered base rent waiver for its tenants.
Online fashion and beauty destination platform Namshi, which was fully acquired by Emaar in 2019, recorded overall revenue of AED 1.316 billion (US$ 358 million) in 2020. With a 28 per cent increase in revenue compared to last year; Namshi’s customer base continued to rise across the MENA region.
Emaar’s hospitality, leisure, entertainment and commercial leasing business contributed AED 1.618 billion (US$ 441 million) to the Group’s total revenue. Along with Emaar Malls, these businesses recorded revenue of AED 5.126 billion (US$ 1.396 billion), representing 26 per cent of Emaar’s overall revenue.

Emaar’s international property development recorded revenue of AED 4.826 billion (US$ 1.314 billion) for 2020, a 10 per cent increase in revenue compared to last year. International development business contributed 24 per cent to Emaar’s total revenue and results were underpinned by continued successful operations in Egypt and Pakistan, in particular.

No comments

leave a comment