Global property developer Emaar Properties PJSC recorded robust performance in the first half of 2021, led by record property sales of AED 16.842 billion (US$ 4.585 billion). This represents a 229 per cent increase compared to the first-half 2020 property sales of AED 5.120 billion (US$ 1.394 billion). The remarkable performance was a result of Emaar’s concerted focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets.
Led by robust performance of the property development business as well as mall and hospitality businesses, Emaar achieved revenue of AED 12.5 billion (US$ 3.403 billion) during the first half of 2021, 52 per cent higher than the H1 2020 revenue of AED 8.220 billion (US$ 2.238 billion). H1 2021 net profit stood at AED 1.560 billion (US$ 425 million) compared to AED 1.698 billion (US$ 462 million) in H1 2020, which included an exceptional income of AED 982 million (US$ 267 million), primarily relating to the sale of Emaar’s District Cooling business.
During the second quarter of the year (April to June 2021), Emaar recorded revenue of AED 6.507 billion (US$ 1.772 billion) which is 125 per cent higher than the same period last year and 9 per cent higher than the first quarter of 2021 (January to March). Net profit for Q2 2021 at AED 903 million (US$ 246 million) is 37 per cent higher than Q1 2021.
“Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organisation. This will ensure we continue to anticipate and meet customers’ rapidly evolving property and lifestyle demands, while improving the lives of residents and visitors alike,” an Emaar spokesperson said.
Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel, and hospitality, with emerging sectors such as technology, green energy, healthcare and education witnessing growth. The region continues to attract a large community of skilled professionals and investors who, in turn, invest in the region’s continuous growth potential, as reflected in Emaar’s record sales for Q2 2021.
Emaar has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under development in the UAE and 11,000 units in global markets. 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.