An increase of 83% compared to the first quarter of 2020

«Emaar»: 7.11 billion dirhams of real estate sales during the first quarter

The sales results confirm investor confidence in the Emaar brand and the recovery of the Dubai real estate market.

From the source

"Emaar Properties" announced that it has achieved a significant increase in real estate sales, thus confirming the continued confidence of investors in the "Emaar" brand, and the recovery of the real estate market in Dubai.

The company stated in a statement yesterday that it recorded during the first quarter (January to March) of 2021 an increase in the group's real estate sales by 83%, to reach 7.115 billion dirhams, compared to the results of the same period in 2020, which amounted to 3.887 billion. AED, and real estate sales were 6% higher compared to the same period in 2019.

Revenues and profits

According to the financial results, the revenues of Emaar during the first quarter of 2021 reached 5.993 billion dirhams (1.632 billion dollars), achieving an increase of 12% compared to the revenues for the same period in 2020, which amounted to 5.328 billion dirhams (1.451 billion dollars). .

It also recorded a net profit of 657 million dirhams, compared to the results of the same period in 2020, which amounted to 609 million dirhams ($ 166 million), achieving a growth of 8%.

The company pointed out that its cumulative sales of projects in progress amounting to 41.805 billion dirhams (11.382 billion dollars), whose revenues will be calculated in the coming years, reflects the strength of the company's financial pillars, and its ability to maintain high levels of revenue and profitability and strong returns for shareholders in the future.

"Emaar" indicated that it has delivered more than 74 thousand and 500 housing units in Dubai and international markets, while it still has more than 25.5 thousand housing units under development in the UAE, and 11.5 thousand housing units in global markets.

The founder of Emaar Properties, Muhammad Al-Abbar, affirmed the company's commitment to deliver its projects as scheduled, and to provide distinct and unprecedented residential projects that contribute to improving the lifestyle of residents and visitors together.

Emaar International

Emaar’s international operations continued to improve its operating results, as it recorded real estate sales of 1.211 billion dirhams during the first quarter of 2021, compared to the first quarter of 2020, which amounted to 1.023 billion dirhams.

Emaar’s international business and projects contributed 13% of Emaar’s total revenues, supported by its successful operations in Egypt, India and Pakistan.

Sales of «Emaar Development»

Emaar Development Company, in which Emaar Properties holds a majority stake, achieved strong quarterly real estate sales in Dubai during the first quarter of 2021, recording an increase of 106% to reach 5,904 billion dirhams, compared to sales in the first quarter of 2020, That amounted to 2.864 billion dirhams.

Emaar Development also recorded revenues of 3.848 billion dirhams, and a net profit of 781 million dirhams, an increase of 26% and 20%, respectively, compared to the results of the same period in 2020.

«Emaar Malls»

Emaar Malls recorded revenues of 901 million dirhams, while its total net profit during the first quarter of 2021 reached 318 million dirhams, an increase of 169% compared to the results of the fourth quarter of 2020. Occupancy rates in the assets of “Emaar Malls” also maintained »On its strong performance, which reached 91%.

Namshi, the online fashion platform that is wholly owned by Emaar Malls, achieved sales of 258 million dirhams.

In turn, "Emaar", from its business in the sectors of hospitality, entertainment and commercial leasing, recorded revenues of 457 million dirhams, through the hotels under the umbrella of "Emaar Hospitality Group".

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