It generated revenues of 6.635 billion dirhams
Emaar's net profit jumps 241% to 2.24 billion dirhams during the first quarter
Record tenant sales at The Dubai Mall have surpassed 2019 results. ARCHIVE
Mohamed Alabbar: “(Emaar) is distinguished today in a position that allows it to implement its strategy effectively, and to ensure rewarding and sustainable returns for all stakeholders.”
Emaar Properties has announced significant quarterly profit growth thanks to strong sales of properties and a significant improvement in the performance of projects that rely on recurring revenue.
This performance reflects the continued confidence in the Emaar brand, and the overall recovery of economic activities in Dubai, especially the real estate market.
During the first quarter of 2022, Emaar recorded an increase in net profit by 241%, to reach 2.239 billion dirhams, compared to 657 million dirhams in the first quarter of 2021, where Emaar achieved during the first quarter of this year. Revenues of AED 6,635 billion, an increase of 12% compared to AED 5,921 billion in the first quarter of last year.
The group's real estate sales increased by 17% to reach 8,332 billion dirhams, compared to 7.115 billion dirhams during the comparison period.
While Emaar's cumulative sales volume of projects in progress amounted to 45.24 billion dirhams at the end of the first quarter of 2022, its revenues will be calculated in the coming years, reflecting Emaar's strong financial position to ensure high revenues, profitability and returns for shareholders in the foreseeable future.
Founder of Emaar Properties, Mohamed Alabbar, said: “Emaar has succeeded in increasing its share in key markets in Egypt and India, based on the strong rise in demand within these two economies.
It will continue to benefit from the attractive supply and demand dynamics in the shopping mall and hospitality sectors, which posted a strong performance in the first quarter of the year.
This achievement was further reinforced by the steps the company took last year to support its strong foundations, including the active investment in talent in all areas.
Today, Emaar is in a position to implement its strategy effectively and ensure profitable and sustainable returns for all stakeholders.
This success confirms the leading economic position of the UAE, which encourages all businesses, including us, to achieve further growth, as future growth and long-term value for shareholders will be linked to digital transformation, innovation of new products and market penetration.”
Emaar Development maintained its strong momentum in real estate sales within Dubai during the first quarter of this year, as it achieved strong real estate sales of 6.843 billion dirhams, an increase of 16% compared to 5.883 billion dirhams in the first quarter of last year, and the company recorded a net profit of 1.050 billion dirhams, an increase of 34% compared to the first quarter of 2021, and revenues of 3.568 billion dirhams.
Emaar's international real estate operations continued to improve its operating results, recording real estate sales of 1.474 billion dirhams in the first quarter of this year, compared to 1.211 billion dirhams in the first quarter of last year, an increase of 22% compared to 2021.
The company's international property development business also contributed to revenue of AED 989 million in the first quarter of 2022, which represents 15% of Emaar's total revenue, thanks to successful operations in Egypt and India.
Emaar Malls Management Company recorded a 36% growth in revenues for the first quarter of 2022, compared to the same period last year, to reach 1.235 billion dirhams.
Gross net profit amounted to 635 million dirhams during the first quarter of 2022, which is 136% higher compared to the first quarter of 2021. Emaar Malls Management assets contributed to improving rental occupancy levels by 93%, in addition to exceeding record tenant sales results in 2019 In the Dubai Mall.
The hospitality, leisure, entertainment and commercial leasing business of Emaar recorded revenues of 843 million dirhams during the first quarter of 2022, achieving a growth of more than 120% compared to the first quarter of 2021.
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