Developer Emaar Properties on Wednesday recorded robust performance in the first half of 2021, led by record property sales of AED16.8 billion ($4.6 billion).
This represented a 229 percent increase compared to first-half 2020 property sales of AED5.1 billion, driven by Emaar’s focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets.
Emaar said in a statement that it achieved revenue of AED12.5 billion during the first half of 2021, 52 percent higher than H1 2020 while net profit stood at AED1.6 billion, down from AED 1.7 billion in H1 2020, which included an exceptional income of AED982 million, primarily relating to the sale of Emaar’s District Cooling business.
During the second quarter of the year, Emaar recorded revenue of AED6.5 billion, up 125 percent while net profit for Q2 rose by 37 percent to AED903 million.
An Emaar spokesperson said: “Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organisation.”
Emaar said it has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under development in the UAE and 11,000 units in global markets.
Emaar Development, the UAE build-to-sell property development business, majority-owned by Emaar Properties, achieved its highest quarterly property sales on record of AED7.9 billion during the second quarter of 2021.
In the first half of 2021, Emaar Development achieved property sales of AED13.8 billion, a growth of 328 percent over H1 2020.
Supported by robust property sales, Emaar Development achieved H1 revenue of AED7.7 billion and net profit of AED1.5 billion, representing a growth of 61 percent and 46 percent, respectively.
Emaar’s international businesses reported property sales of AED2.9 billion, 59 percent higher compared to the same period last year, led by operations in Egypt and India.
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