Dubai developer Emaar Properties has registered a 80 per cent jump in its net profit for FY 2021 which soared to AED3.8 billion ($1.03 billion), on the back of robust property sales in the UAE. 

 

Announcing the results for the 12-month period, Emaar said its revenue too witnessed solid growth hitting AED28.27 billion, up 57% over AED18 billion in the year-ago period.

 

The leading developer recorded a 209 per cent growth in its property sales for the period, which surged to AED33.76 billion from the previous year's figures of AED10.90 billion, the highest ever property sales recorded by Emaar since its incorporation in 1997.

 

It also has a sales backlog of Dh46.06 billion, which will be recognised as future revenue.

 

On the performance of its subsidiaries, the Dubai developer said the Emaar Development saw highest ever property sales in Dubai hitting AED27.44 billion, a 335 per cent jump compared to 2020 levels. Revenue stood at AED15.6 billion (60 per cent growth), while net profit was Dh3.24 billion (up 96 per cent).

 

On the Emaar Malls, the company said its revenue stood at AED4.98 billion, up 42% over the previous year, while its net profit to AED1.83 billion.

 

On its solid performance, Founder Mohamed Alabbar said: "Emaar 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."

 

"We have a substantial development pipeline and landbank which leaves the company well-positioned to deliver attractive, sustainable returns for all stakeholders," he added.