For the first quarter of 2022, Emaar Properties, Dubai’s largest publicly traded property company, reported record profits of $610 million (AED2.3 billion). This represents a 241% increase over the $179 million (AED657 million) it earned in the same quarter of 2021.
The property group added that it had a sales backlog of $12.3 billion at the end of the first quarter, which will be recognized in the future, in a statement to the Dubai Financial Market.
Emaar also recorded a rise in international real estate sales. The founder of Emaar, Mohamed Alabbar, said: “We have increased our share in key markets of Egypt and India, capturing the strong increase in demand in these economies.”
Emaar Development, majority-owned by Emaar Properties, reported a 34 percent rise in its first-quarter profit while Emaar’s shopping malls and retail arm also reported a higher profit during the first quarter.
Emaar Malls’ net profit rose 136 percent to $173 million.
“Going forward, Emaar will also continue to capitalize 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.”
The hospitality, leisure, entertainment, and commercial leasing businesses of Emaar posted 120 percent annual growth in revenue as the market bounces back from the Covid-19 slump.
“Emaar is well positioned to efficiently implement its clearly defined strategy and to generate attractive and sustainable returns for all stakeholders,” Mr. Alabbar added.
He said future growth and long-term shareholder value will be created by digital transformation, new product innovation, and market penetration.
Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its properties continue to remain sought-after by investors at home as well as abroad.
