Dubai (Al-Ittihad) – During the first quarter of this year, Emaar Properties recorded a 241% growth in net profit, reaching 2.24 billion dirhams, compared to 657 million dirhams in the first quarter of 2021, and achieved revenues of 6.63 billion dirhams, an increase of 12% compared to 5.92 billion dirhams. billion dirhams in the corresponding period of 2021. The group’s real estate sales also increased by 17% to 8.33 billion dirhams, compared to 7.115 billion dirhams in the first quarter of 2021. While Emaar’s cumulative sales volume of projects in progress reached 45.24 billion dirhams at the end of the first quarter of In 2022, its revenues will be calculated in the coming years, reflecting Emaar’s strong financial position to ensure high revenues, profitability and shareholder returns for the foreseeable future.
attractive returns
Mohamed Alabbar, founder of Emaar Properties, said: “Emaar has succeeded in increasing its share in key markets in Egypt and India, based on the strong rise in demand within these two economies. It will continue to benefit from the lucrative demand and supply dynamics in the shopping mall and hospitality sectors, which posted 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 strong foundations, including the active investment in talent in all areas. Today, Emaar is in a position to implement its strategy effectively and ensure profitable and sustainable returns for all stakeholders. This success confirms the leading economic position of the UAE, which encourages all businesses, including us, to achieve further growth, as future growth and long-term value for shareholders will be linked to digital transformation, innovation of new products and market penetration.”
Emaar Development
Emaar Development maintained its strong momentum in real estate sales within Dubai during the first quarter (January to March) of 2022, with strong real estate sales of AED 6.843 billion, an increase of 16% compared to AED 5.883 billion in the first quarter of 2021. Emaar Development Company recorded a net profit of 1.05 billion dirhams, an increase of 34% compared to the first quarter of 2021, and revenues of 3.568 billion dirhams.
Emaar International
Emaar’s international real estate operations continued to improve its operating results, recording real estate sales of 1.474 billion dirhams in the first quarter of 2022 compared to 1.211 billion dirhams in the first quarter of 2021, an increase of 22% compared to 2021. The company’s international property development business also contributed to generating revenues With a value of AED 989 million in the first quarter of 2022, which represents 15% of Emaar’s total revenue, thanks to successful operations in Egypt and India.
Emaar Malls Management
Emaar Shopping Centers Management, the developer of shopping malls and retail assets arm of Emaar Properties, recorded a 36% growth in revenue for the first quarter of 2022 compared to the same period last year, to reach 1.235 billion dirhams. Gross net profit amounted to AED 635 million during the first quarter of 2022, which is 136% higher compared to the first quarter of 2021. Emaar Malls Management assets contributed to improving rental occupancy levels by 93%, in addition to exceeding record tenant sales results in 2019 In the Dubai Mall.
The company also opened in the first quarter of 2022 Dubai Hills Mall, which quickly became a popular and preferred destination in the emirate. In less than two months, Dubai Hills Mall welcomed more than 231 tenants of international brands and local concepts.
Emaar Hospitality, Leisure and Leisure
The hospitality, leisure, entertainment and commercial leasing business of Emaar recorded revenues of 843 million dirhams during the first quarter of 2022, achieving a growth of more than 120% compared to the first quarter of 2021, with the registration of hotels belonging to Emaar Hospitality Group in the UAE, including Managed hotels, average occupancy levels of 80%, due to the strong recovery in the tourism sector within the GCC.
Emaar Entertainment launched “Adventure Park”, an indoor destination for children’s play, and “The Storm Coaster”, a record-breaking indoor rollercoaster, at Dubai Hills Mall, in February 2022. The projects generated total returns that depend on recurring revenue from malls Hospitality, entertainment and commercial leasing, amounting to 2,078 billion dirhams, registering a growth of more than 62% compared to the same period last year, representing 31% of Emaar’s total revenues.
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