Dubai real estate developer Emaar Properties has recorded an increase in net profit of 241 per cent to Dhs2.239bn ($610m) for Q1 2022, compared to a net profit of Dhs657m ($179m) achieved in Q1 2021.
Emaar’s Q1 2022 revenue stood at Dhs6.635bn ($1.806bn), marking an increase of 12 per cent compared to Dhs5.921bn ($1.612bn) in Q1 2021. Group property sales also increased 17 per cent to Dhs8.332bn ($2.268bn) compared to Dhs7.115bn ($1.937bn) posted in Q1 2021. Property sales backlog of Dhs45.24bn ($12.317bn) stood at the end of Q1 2022, which will be recognised as revenue in the future.
Mohamed Alabbar, founder of Emaar Properties, said:
“We have increased our share in key markets of Egypt and India, capturing the strong increase in demand in these economies. Going forward, Emaar will also continue to capitalise on the very attractive supply and demand dynamics in hospitality and shopping malls, which have recorded a solid performance in the first quarter of this year.
“Emaar is well-positioned to efficiently implement its clearly defined strategy and to generate attractive and sustainable returns for all stakeholders. The future growth and long-term shareholder value will be laid by digital transformation, new product innovation and market penetration.”
Emaar Development, the UAE build-to-sell property development business, majority-owned by Emaar Properties, recorded property sales of Dhs6.843bn ($1.863bn), an increase of 16 per cent compared to Dhs5.883bn ($1.602bn) in Q1 2021. Emaar Development reported a net profit of Dhs1.05bn ($286m), an increase of 34 per cent compared to the first quarter of 2021.
Emaar’s international real estate operations recorded property sales of Dhs1.474bn ($401m) in Q1 2022 compared to Dhs1.211bn ($330m) in Q1 2021. Emaar’s international property development businesses contributed a revenue of Dhs989m ($269m) in Q1 2022 representing 15 per cent of Emaar’s total revenue, underpinned by operations in Egypt and India.
Emaar Malls Management
Emaar Malls Management, the shopping malls and retail arm of Emaar Properties, recorded 36 per cent growth in Q1 2022 revenue compared to same period last year reaching Dhs1.235bn ($336m).
Overall net profit for Q1 2022 amounted to Dhs635m ($173m), 136 per cent higher than Q1 2021. Emaar Malls Management assets improved its leasing occupancy levels at 93 per cent. In Q1 2022, Emaar Malls Management also launched Dubai Hills Mall. I
Hospitality, Leisure & Entertainment
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded Dhs843m ($230m) in revenue for Q1 2022, achieving growth of over 120 per cent compared to Q1 2021, with the hotels under Emaar Hospitality Group in UAE, including its managed hotels, boasting average occupancy levels of 80 per cent.
News Source: Gulf Business