Dubai’s Emaar Properties posts 80% rise in net profit for 2021

Emaar Properties reported a net profit of Dhs3.8bn ($1.035bn) for 2021, marking a 80 per cent increase from Dhs2.109bn ($574m) in 2020.

Emaar’s 2021 revenue stood at Dhs28.27bn ($7.697bn), posting an increase of 57 per cent compared to 2020.

#Dubai’s Emaar Properties posted an 80 percent rise in its 2021 full year net profit at 3.80 billion dirhams ($1.03 billion) on the back of record property sales in the #UAE. pic.twitter.com/UN1H9ntT9Y

— Dubai Media Office (@DXBMediaOffice) February 14, 2022

Emaar Properties witnessed the highest ever property sales recorded since its incorporation in 1997. Last year, property sales reached Dhs33.762bn ($9.192bn), noting a 209 per cent rise from 2020 sales of Dhs10.902bn ($2.968bn).

Mohamed Alabbar, founder of Emaar Properties, said: “Emaar’s 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. Emaar has a substantial development pipeline and landbank, which, when combined with its customer base and expanding team, leaves Emaar well-positioned to execute on its clearly defined strategy and to successfully deliver attractive, sustainable returns for all stakeholders.”

Emaar has handed over more than 81,600 residential units in Dubai and international markets since 2002, while currently, over 24,500 units are under development in the UAE and 10,700 units in global markets.

Emaar Development
Emaar Development, the property development business, majority-owned by Emaar Properties, achieved highest ever property sales in Dubai during 2021 (Dhs27.44bn), recording an increase of 335 per cent compared to Dhs6.308bn in 2020.

It recorded revenue of Dhs15.602bn ($4.248bn), while its net profit equalled Dhs3.244bn ($883m), rising 60 per cent and 96 per cent year-on-year, respectively.

Emaar International
Emaar’s international operations recorded property sales of Dhs6.244bn ($1.7bn) in 2021 compared to Dhs4.581bn ($1.247bn) in 2020, posting growth of over 36 per cent. Meanwhile, revenue totalled Dhs5.096bn ($1.387bn). The performance of international operations is led by Egypt, India and Pakistan.

Emaar Malls
Emaar Malls recorded 2021 revenues of Dhs4.988bn ($1.358bn) with a net profit of Dhs1.832bn ($499m), representing growth of 42 per cent and 160 per cent respectively, compared to 2020. Emaar Malls’ assets maintained a occupancy level of 87 per cent. Meanwhile, Namshi, Emaar Malls’ e-commerce fashion and lifestyle platform, recorded sales of Dhs1.541bn ($420m) during 2021.

Emaar Hospitality, Leisure and Entertainment
The hospitality, leisure, entertainment, and commercial leasing businesses of Emaar recorded revenue of Dhs2.584bn ($704m) in 2021, marking an increase of 60 per cent over the 2020. Hotels under the Emaar Hospitality Group, including its managed hotels, hosted average occupancy levels of 66 per cent during last year.