Emaar Properties posts 80% rise in net profit for 2021

Emaar Properties

Emaar Properties recorded a net profit of Dhs3.8 billion ($1.035 billion) in 2021, up from Dhs2.109 billion ($574 million) in 2020.

Emaar’s revenue in 2021 was Dhs28.27 billion ($7.697 billion), up 57 percent from the previous year.

Since its inception in 1997, Emaar Properties has experienced the highest ever property sales. Property sales totalled Dhs33.762 billion ($9.192 billion) last year, up 209% from Dhs10.902 billion ($2.968 billion) in 2020.

“Emaar’s portfolio of premier, highly sustainable assets is expected to continue to profit from the fundamental trends occurring within the real estate market, as well as the company’s strategy to portfolio optimization,” said  founder of Emaar Properties.” Emaar has a sizable development pipeline and landbank, which, when combined with its growing customer base and workforce, puts the company in a strong position to carry out its clearly defined plan and deliver attractive, long-term returns for all stakeholders.”

Since 2002, Emaar has delivered over 81,600 residential apartments in Dubai and foreign markets, with over 24,500 units under construction in the UAE and 10,700 units in international markets.

Emaar Development:

Emaar Development, a property development company majority-owned by Emaar Properties, had the biggest ever property sales in Dubai in 2021 (Dhs27.44 billion), up 335 percent from Dhs6.308 billion in 2020. It brought in Dhs15.602 billion ($4.248 billion) in revenue and Dhs3.244 billion ($883 million) in net profit, up 60% and 96% year on year, respectively.

Emaar International is a company based in Dubai, United Arab:

Emaar’s foreign businesses recorded property sales of Dhs6.244 billion ($1.7 billion) in 2021, up from Dhs4.581 billion ($1.247 billion) in 2020, a 36% increase. Meanwhile, revenue was Dhs5.096 billion ($1.387 billion). Egypt, India, and Pakistan are in charge of foreign operations.

Emaar Malls:

Emaar Malls reported revenues of Dhs4.988 billion ($1.358 billion) and a net profit of Dhs1.832 billion ($499 million) in 2021, up 42 percent and 160 percent, respectively, from 2020. Emaar Malls’ properties had an occupancy rate of 87 percent. Meanwhile, sales of Dhs1.541 billion ($420 million) were recorded by Namshi, Emaar Malls’ e-commerce fashion and leisure platform, in 2021.

Emaar Hospitality:

Emaar’s hospitality, leisure, entertainment, and commercial leasing divisions generated revenue of Dhs2.584 billion ($704 million) in 2021, up 60% from 2020. The Emaar Hospitality Group’s hotels, including those it manages, had an average occupancy rate of 66 percent last year.

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