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Dubai’s Emaar Properties posted an 80 percent rise in its 2021 full year net profit at 3.80 billion dirhams ($1.03 billion) on the back of record property sales in the UAE.
Revenue came in at 28.27 billion dirhams during 2021, a 57 percent jump compared with 18 billion dirhams in the year-ago period, the developer said in a statement to the Dubai Financial Market where its shares trade.
The profit comfortably beat analysts’ average estimate of 3.67 billion dirhams, as per Refinitiv data.
Emaar shares closed trading 1.2 percent lower at 4.84 dirhams on DFM today.
Property sales jumped 335 percent over 2020 to 27.51 billion dirhams, the highest ever recorded by Emaar since incorporation in 1997, the statement said.
Mohamed Alabbar, the founder 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 optimisation."
He added that Emaar has a substantial development pipeline and landbank which leaves the company well-positioned to deliver attractive, sustainable returns for all stakeholders.
The developer said it has a sales backlog of 46 billion dirhams, which will be recognized as future revenue.
Its DFM-listed subsidiary, Emaar Development, posted a net profit of 3.24 billion dirhams, nearly double year-on-year. Revenues for the build-to-sell business rose 60 percent to 15.6 billion dirhams.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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