During the initial quarter of the year 2021, Emaar properties recorded a huge boost up in the group property sales at 83%.
Emaar Properties PJSC has proclaimed that it has accomplished significant enhanced property sales underscoring investors’ sustained confidence in Emaar brand and recovery of Dubai real estate market. During the initial quarter (January to March) of 2021, Emaar recorded an upsurge in the group property sales of 83 percent to AED 7.115 billion (US$ 1.937 billion) associated to the Q1 2020 group property sales of AED 3.887 billion (US$ 1.058 billion). The property sales were even complex than Q1 2019 by 6%.
Supported by robust property sales, Emaar’s Q1 2021 revenue worth stood at AED 5.993 billion (US$ 1.632 billion), an intensification of 12 percent comparatively to Q1 2020 revenue of AED 5.328 billion (US$ 1.451 billion). Emaar conveyed net profit of AED 657 million (US$ 179 million) for Q1 2021 associated to the net profit of AED 609 million (US$ 166 million) during the same period in 2020, an overall progression of 8 percent.
Mohamed Alabbar, Founder of the Emaar Properties, stated out that: “As one of the most dynamic and growing markets in the world, Dubai’s property market resilience is a testament to its commitment to become one of the world’s best cities. We are dedicated to delivering properties in a timely manner and providing unparalleled residential developments that improve the lives of our residents and visitors. Within such a short space of time, Emaar has managed to achieve results that are comparable to 2019, before the pandemic affected businesses globally. Results are not by chance; they are a collective effort.”
With a compacted sales backlog of AED41.805 billion (US$ 11.382 billion), which will be predictable as future revenue for Emaar Properties, the backlog replicates the Potency of Emaar’s financial situation to preserve huge revenue, profitability and shareholders’ return in the probable future.
Dubai lingers to power the way as a global hub for trade, financial services, logistics, travel and hospitality, with evolving sectors witnessing growth such as technology, green energy, healthcare and education. The territory continues to fascinate a community of skilled professionals and investors who in-turn invest in the territory’s constant growth potential, reflective in Emaar’s sales records for Q1 2021.
Setting new yardsticks in design, shape quality, and innovation, Emaar reliably offers premium experiences and lifestyle prospects across market segments; and its properties endure to remain sought-after by investors at home as well as abroad.
Emaar Development PJSC, the UAE create-to-sell property development commercial, majority-owned by Emaar Properties accomplished robust quarterly property sales in Dubai during the first quarter (January to March) of 2021 recording an upsurge of 106 percent to AED 5.904 billion (US$ 1.607 billion) compared to the Q1 2020 sales of AED2.864 billion (US$ 780 million). Emaar Development has accomplished revenue of AED 3.848 billion (US$ 1.048 billion) and net profit of AED 781 million (US$ 213 million), which has advanced by 26 percent and 20 percent over Q1 2020, respectively.
Setting new benchmarks in design, build quality, and innovation, Emaar dependably offers premium experiences and lifestyle opportunities across market segments; and its properties linger to remain sought-after by investors at home as well as abroad.
Emaar’s global businesses backed 13 percent to Emaar’s total revenue, reinforced by effective operations in Egypt, India and Pakistan.
Emaar Malls, the shopping malls and retail giant, unconfined its outcome for Q1 2021, confirming its recorded revenue of AED901 million (US$ 245 million). Overall net profit for Q1 2021 amounted to AED 318 million (US$ 87 million) which is 169 percent higher than Q4 2020. Emaar Malls assets preserved robust occupancy levels at 91 percent.
Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, noted sales of AED258 million (US$ 70 million) for Q1 2021, an upsurge of 6 percent associated to Q1 2020. Namshi’s robust performance is credited to its determined progress in Saudi Arabia, Kuwait and other GCC nations along with its launch in Qatar in early 2021 and an intensification of 117 new brands.
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED457 million (US$ 124 million) for Q1 2021, with the hotels under Emaar Hospitality Group, including its managed hotels, boasting average occupancy levels of 62 percent despite current market challenges and restrictions imposed by authorities.
Underlining the dynamic revenue streams of Emaar, the company’s recurring revenue generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved revenue of AED 1.358 billion (US$ 370 million) which makes up 23 percent of the company’s revenue.
