2.239 billion dirhams, Emaar profits for the first quarter

Emaar Properties PJSC, listed on the Dubai Financial Market (DFM: EMAAR), reported significant quarterly profit growth thanks to strong real estate sales and a significant improvement in the performance of recurring revenue-based projects. This performance reflects the continued confidence in the Emaar brand and the overall recovery of economic activity in Dubai, particularly in the real estate market.

Key performance indicators

During the first quarter of 2022, Emaar recorded a 241% increase in net profit to AED 2.239 billion ($ 610 million), compared to AED 657 million ($ 179 million) in the first quarter of 2021. Q1 2022 revenue of $ 6.635 billion ($ 1.806 billion), an increase of 12% compared to AED 5.921 billion ($ 1.612 billion) in the first quarter of 2021.

Group real estate sales increased by 17% to AED 8.332 billion ($ 2.268 billion) compared to AED 7.115 billion ($ 1.937 billion) in the first quarter of 2021.

As the cumulative sales volume of Emaar projects in progress reached 45.240 billion UAE dirhams (US $ 12.317 billion) at the end of the first quarter of 2022, its revenue will be calculated in the coming years, reflecting Emaar’s strong financial position to provide high returns, profitability and returns to shareholders in the foreseeable future.

Commenting on the issue, Mohamed Alabbar, founder of Emaar Properties, said: “Emaar has managed to increase its share of key markets in Egypt and India, based on strong demand growth within these two economies. It will continue to benefit from the profitable supply and demand dynamics in the shopping and hotel sector sectors, which marked a strong performance in the first quarter of the year.This achievement was further reinforced by the steps the company took last year to support its foundations including active investment in talent in all areas.Today, Emaar is able to implement its strategy effectively and provide profitable and sustainable returns to all stakeholders. UAE, which encourages all businesses, including us, to achieve further growth as future growth and long-term value for shareholders d o be related to digital transformation, innovation of new products and market penetration. ”

Emaar has always been keen to set new standards in the design, construction quality and innovation sector, in order to continue to offer distinct experiences and opportunities to improve lifestyles in different market sectors. While its projects continue to attract the attention of investors from home and abroad.

Emaar Development

Emaar Development PJSC, the leading UAE ready-to-sell property developer listed on the Dubai Financial Market (DFM: EMAARDEV) and wholly owned by Emaar Properties PJSC, maintained its strong momentum in real estate sales. real estate in Dubai during the first quarter (January-March) of 2022, with strong real estate sales of 6.843 billion AED ($ 1.863 billion), an increase of 16% compared to 5.883 billion AED ($ 1.602 billion) in the quarter first 2021. Emaar Development reported net profit of AED 1.050 billion (USD 286 million), an increase of 34% compared to the first quarter of 2021, and generated revenue of AED 3.568 billion (USD 971 million).

Emaar International

Emaar International Real Estate Operations continued to improve its operating results, recording real estate sales of AED 1.474 billion (USD 401 million) in the first quarter of 2022 compared to AED 1.211 billion (USD 330 million) in the first quarter of 2021. This is an increase of 22% compared to 2021. This confirms the positive recovery of the real estate market along with the strong interest in Emaar’s international expansion and its pioneering and credible projects.

The company’s international property development business also generated AED 989 million ($ 269 million) in revenue in the first quarter of 2022, representing 15% of Emaar’s total revenue, thanks to successful operations in Egypt and India.

Management of Emaar shopping malls

Emaar Malls Management LLC, the arm of Emaar Mall developers and retail assets, recorded a 36% increase in revenue for the first quarter of 2022 compared to the same period last year to reach AED 1.235 billion ( 336 million US dollars). Gross net profit reached AED 635 million ($ 173 million) during the first quarter of 2022, which is 136 percent higher than the first quarter of 2021. Emaar Malls Management assets contributed to an improvement in rental levels by 93%, in addition to record tenant sales exceeding 2019 results at The Dubai Mall.

The company also opened in the first quarter of 2022 Dubai Hills Mall, which quickly became a popular and favorite destination in the Emirates. In less than two months, Dubai Hills Mall welcomed more than 231 tenants of international brands and local concepts.

Emaar Hospitality, Leisure and Leisure

Emaar’s hospitality, entertainment and commercial rental business recorded revenue of 843 million dirhams ($ 230 million) during the first quarter of 2022, an increase of more than 120% compared to the first quarter of 2021, with registration and hotels belonging to the Emaar Hospitality Group in the country The UAE, including managed hotels, has average occupancy rates of 80%, due to the strong recovery in the tourism sector within the GCC.

Emaar Entertainment launched Adventure Park, a children’s indoor play destination, and The Storm Coaster, a record-breaking indoor toboggan run at Dubai Hills Mall in February 2022.

Total project-dependent returns on recurring revenue from shopping malls, hospitality, entertainment and rental facilities amounted to 2.078 billion dirhams (US $ 566 million), recording a growth rate of more than 62% compared to the same period last year. of last year. representing 31% of total Construction revenue.

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