Emaar Properties announced it has achieved an impressive growth in property sales which increased by over 236 per cent to AED 26.146 billion (US$ 7.118 billion) compared to the same period in 2020. Led by its UAE development business and complemented by its international operations, the achieved results underscore investors’ continued confidence in the Emaar brand and its exponential success.
Backed by robust property sales, Emaar recorded a revenue of AED 19.332 billion (US$ 5.263 billion) during 9M 2021, an increase of 57 per cent over the revenue of AED 12.351 billion (US$ 3.363 billion) during the same period in 2020. Net profit for the first nine months of 2021 stood at AED 2.578 billion (US$ 702 million), 25 per cent higher than the net profit of AED 2.057 billion (US$ 560 million) during the same period last year.
Emaar now has a solid property sales backlog of AED 46.927 billion (US$ 12.776 billion), which will be recognised as future revenue for Emaar Properties in the coming three to four years. This reflects the strength of Emaar’s financial position and its ability to preserve high revenues, profitability and shareholders’ returns into the foreseeable future.
Reporting quarter-on-quarter growth, Emaar’s net profit for the third quarter (July to September) 2021 was AED 1.018 billion (US$ 277 million), a growth of 184 per cent over the net profit of
AED 359 million (US$ 98 million) during Q3 2020. Revenue for Q3 2021 was AED 6.832 billion (US$ 1.860 billion), 65 per cent higher than the Q3 2020 revenue of AED 4.131 billion (US$ 1.125 billion).
Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel, and hospitality, with emerging sectors, such as technology, green energy, healthcare, and education, witnessing growth. The region continues to attract a community of skilled professionals and investors who, in turn, invest in the region’s continuous growth potential, reflected in Emaar’s sales records for Q3 2021.
Emaar has handed over more than 79,800 residential units in Dubai and key international markets, with more than 25,000 units currently under development in the UAE and 11,000 units in global markets.
Setting new benchmarks in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments, and its properties continue to remain sought-after by investors at home as well as abroad.