UAE's Emaar Development posted a 20 percent rise in net profit for Q1 2021 at 781 million dirhams ($213 million). Revenues came in at 3.84 billion dirhams, 26 percent higher than in the year-ago period.
Property sales rose two-fold to 5.88 billion dirhams in the first three months of the year compared to 2.85 billion dirhams in the same period last year, the developer which is majority-owned by Emaar Properties, said Monday in a statement to the Dubai Financial Market (DFM), where it is listed.
The company said it now has a robust sales backlog of over 25 billion dirhams which “will be recognized as future revenue.”
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: “Our unwavering commitment to project delivery, cashflow generation, and future development projects have underlined our healthy sales results for Q1 2021.”
During Q1 2021, Emaar Development launched Golf Place Terraces, a villa collection in Dubai Hills Development.
The UAE property market suffered the worst of the economic effects of the pandemic last year. Sales has picked up this year as investors and first-time buyers take advantage of low prices.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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