Emaar Properties announced a significant increase in property sales of 209% reaching AED33.762 billion (US$ 9.192 billion) compared to 2020 sales of AED10.902 billion (US$ 2.968 billion), demonstrating investor confidence in the Emaar brand. Emaar recorded its highest ever property sales since its incorporation in 1997.
“Underlining the robust performance of its real estate business as well as the strong performance of recurring revenues from its shopping malls, retail and hospitality businesses, Emaar’s 2021 revenue stood at AED 28.270 billion (US$ 7.697 billion), an increase of 57 percent compared to 2020. Emaar reported a net profit of AED3.800 billion (US$ 1.035 billion) for 2021 compared to the net profit of AED 2.109 billion (US$ 574 million) in 2020, a growth of 80 percent,” the company said in a statement today.
With a solid backlog of AED46.057 billion (US$ 12.539 billion), which will be recognized as future revenue for Emaar Properties, the backlog reflects the strength of Emaar’s financial position to preserve high revenue, profitability, and shareholder returns in the near future.
Mohamed Alabbar, CEO of Emaar Properties, said:
“Emaar’s portfolio of prime, highly sustainable assets is set to continue to benefit from the fundamental shifts occurring within the real estate market as well as the company’s approach to portfolio optimization. Emaar has a substantial development pipeline and landbank, which, when combined with its high-quality loyal customer base and expanding talented and dedicated team, leaves Emaar well-positioned to execute on its clearly defined strategy and to successfully deliver attractive, sustainable returns for all stakeholders. As one of the most dynamic and growing markets in the world, Dubai’s property market is a testament to the strength and resilience of the UAE as a nation and Emaar is proud to lead the way forward.”
Emaar has delivered more than 81,600 residential units in Dubai and international markets since 2002, demonstrating the strength of its project execution capabilities. In the UAE, there are currently 24,500 units under construction, while global markets have 10,700 units.
Source: Property News