Emaar Properties announced yesterday that it achieved a net profit of 6.2 billion dirhams during the past year, compared to 6.139 billion dirhams in net profits achieved by the company in the fiscal year 2018, while it recorded revenues of 24.586 billion dirhams during 2019.

The company stated, in a statement, that it recorded real estate sales in excess of 19.233 billion dirhams, including 14.949 billion dirhams in Dubai, explaining that this performance came as a result of continuous investment in developing new and diverse solutions and initiatives aimed at providing the best services to the company's customers, in addition to the interest of foreign investors Residential and commercial projects, and the entry of new buyers to the housing market in the Emirates.

Housing units

"Emaar" indicated that it has delivered more than 63 thousand housing units in Dubai and international markets so far, while work is currently underway to develop more than 30 thousand housing units in the UAE, and 14 thousand units in international markets, while the total accumulated sales value of the units is under Achievement of 45.795 billion dirhams, of which the local market share amounted to 33.736 billion dirhams, whose revenues will be calculated over the coming years.

Emaar Development

In addition, Emaar Development achieved a net profit of 2.7 billion dirhams in 2019, revenues of 12.746 billion dirhams, while during the same year it launched 22 new projects in all its destinations in Dubai, while it sold 70% of the units it launched in 2019.

Emaar Malls

For its part, Emaar Malls recorded a growth of 5% in its revenues last year to reach 4.673 billion dirhams, compared to 4.446 billion dirhams in 2018, while net gross profit in the past year amounted to 2.286 billion dirhams compared to net profits in 2018 Of 2.230 billion dirhams.

Emaar has also achieved revenues from its hospitality, entertainment and commercial leasing activities, along with Emaar Malls, which amounted to AED 7.293 billion, representing 30% of the group's total revenue. Hotels in the Emaar Hospitality Group (including the hotels it manages) in Dubai recorded occupancy rates of 80%, above the overall average for the hotel sector.

flexibility

The head of the board of directors of "Emaar Properties" and "Emaar Development", Mohamed Alabbar, said that "(Emaar's performance) during the year 2019 was flexible, with continued growth in light of the current challenges in the market."

He added that «the success that (Emaar) witnessed in its sales last year is evidence of the quality of its products and the excellence of the people behind them.

Alabbar continued: “With the beginning of each year, we set ourselves more ambitious goals than the previous year in all areas that we work in, to ensure that the levels of trust that the company’s name is associated with are preserved, as the continuous efforts to raise the effectiveness of our resources and review work methods have contributed directly In the development of the company's performance and results ».

The best talent

Al-Abbar pointed out that «one of the most important priorities (Emaar) is to attract the best talents to continue achieving the company’s goals, and the management team works hard and continuously to enhance the levels of customer service and happiness, in addition to achieving excellent results for shareholders, and we are also implementing a number of digital initiatives New features that will add great value to customers through the development of the company's products and services ».

Emaar International

Emaar International's operations recorded a 43% growth in revenue, which reached 4.399 billion dirhams last year, compared to 3.081 billion dirhams in 2018. This is largely due to its operations in Egypt and India.

During 2019, Emaar Misr acquired a 500-acre plot of land in Sheikh Zayed City, to create a mixed-use complex, which will be a significant addition to Emaar's real estate portfolio and expansion in West Cairo.

"walk"

Namshi, the leading online platform specialized in the online fashion trade sector, which was fully acquired by Emaar Malls last year, recorded revenues of 1.028 billion dirhams, achieving 21% growth compared to 2018.

The continued success of Namshi is due to the “Black November” campaign, which has received great attention, in addition to the tremendous growth witnessed in the Saudi market.

• 45.795 billion dirhams in total «Emaar» accumulated sales of units in progress.