UAE’s Emaar Development reports net profit of Dhs2.38bn for first nine months of 2021

Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, reported its highest ever property sales of Dhs20.943bn in the first nine months (January to September) of 2021.

It represents an increase of 382 per cent compared to the first nine months of 2020.

Emaar Development reported a net profit of Dhs2.384bn and revenue of Dhs11.604bn, an increase of 75 per cent and 63 per cent compared to the first nine months of 2020, respectively.

During the first nine months of 2021, Emaar Development launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence and Beach Mansion in Emaar Beachfront, Caya and Bliss in Arabian Ranches III, and Nara in The Valley.

Emaar now has a sales backlog of Dhs28.471bn, which it said will be recognised in the future as revenue for the business.

Emaar Development has delivered over 3,700 residential units during the first nine months of 2021 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Dubai Marina and Emaar South.

As of September 2021, Emaar has delivered more than 51,000 residential units, with over 25,000 residences currently under development in the UAE.

“The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the UAE.. These developments also serve as dynamic hubs, with outstanding amenities, including diverse retail and hospitality options, which energise the economy and create new jobs and business opportunities. Our successful strategy unlocks the true potential of our property development business, with the aim of delivering long-term value for our shareholders, as we continue to focus on consistently strengthening our core competencies,” an Emaar spokesperson said.

Earlier this month, Dubai’s Emaar Malls reported a net profit of Dhs1.07bn from January to September 2021. That figure is up 82 per cent over the same period last year when it reported a net profit of Dhs586m for the first nine months of 2020. Emaar Malls also reported a third-quarter (July to September) 2021 net profit of Dhs448m, against Dhs1.143bn in revenue for Q3 2021.

Read: Dubai’s Emaar Malls records nine month net profit of Dhs1.07bn, up 82% y-on-y