Dubai developer Emaar posts 80% rise in net profit as property sales soar
16 February 2022, Arabian News
Dubai-listed real estate developer Emaar has reported a net profit of $1.04 billion in 2021 — an 80 percent increase from a year ago, on the back of rising property sales.
In 2020, the company’s net profit was $574 million.
Emaar’s revenue stood at $7.7 billion in 2021, marking a 57 percent rise compared to 2020.
In 2021, the Dubai developer sold the highest number of properties, ever since its incorporation in 1997. Last year, Emaar sold properties worth $9.2 billion, and in 2020, it was almost $3 billion.
“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 optimization,” said Mohamed Alabbar, founder of Emaar Properties, as quoted in Gulf News.
Net profit from Emaar Malls stood at $1.8 billion in 2021 while the hospitality, leisure, entertainment, and commercial leasing businesses of the company generated a revenue of $704 million.
