An increase of 52% from the beginning of 2021 until the end of September

6.25 billion dirhams, profits of listed real estate development companies during 9 months

Profits of "Emaar Properties" amounted to 2.58 billion dirhams during the first 9 months of 2021. Archive

A recent statistic on the results of real estate development companies listed in the local capital markets showed that their profits increased by 52% to 6.25 billion dirhams, during the first nine months of this year, compared to 4.10 billion dirhams achieved by these companies in the same period last year.

This is due to the fact that four companies out of the seven companies under study achieved an increase in profits, in addition to a decrease in the losses of “DAMAC Properties” by 48% to reach 480.5 million dirhams during the monitoring period.

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Ras Al Khaimah Real Estate Company topped the companies with the highest increase, by 383%, to reach 197.9 million dirhams, during the first nine months of 2021, as a result of an increase in revenues by 139%, and an increase in other income by 145%, while financing costs decreased by 53%.

Followed by "Deyaar Real Estate Development", with an increase of 136 percent since the beginning of this year until the end of September, compared to the same period in 2020, as a result of an increase in revenues by 45 percent, and a decrease in public, administrative and selling expenses by 3.5 percent, in addition to an increase in the share of the results of a joint venture. and an associate company with 16%.

"Construction"

Emaar Development’s profits also increased by 75% to reach 2.38 billion dirhams, during the first nine months of 2021, due to the increase in the profit margin to 37.7%, compared to 35.4% achieved by the company in the same period last year, due to the increase Revenues by more than the increase in direct costs, and the increase in other revenues by 37%.

The profits of Emaar Properties also increased by 25% to reach 2.58 billion dirhams between January and September 2021, as a result of the profit margin increasing to 41.4% compared to 35.9%, which is due to the increase in revenues by a greater percentage than the rise in direct costs, and the achievement of profits from the share of The results of sister companies increased by 455.6 million dirhams, compared to recording losses of 376.7 million dirhams, and other operating income increased by 29%.

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On the other hand, the profits of Union Properties and Sharjah Group decreased by 100% and 34%, during the first nine months of this year, respectively, compared to the same period in 2021.

• "Ras Al Khaimah Real Estate" topped the gains by 383%.

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