Emaar Properties' profits rise 241% in the first quarter of 2022
General Manager 17 May 2022
Emaar Properties announced that the company's profits increased by 241% during the first quarter of this year 2022 compared to the first quarter of 2021.
The company indicated in a statement to the Dubai Financial Market that its profits amounted to 2.239 billion dirhams at the end of the first quarter of 2022, compared to 657 million dirhams in the first quarter of 2021.
The company stated that its revenues increased by 12% in the first quarter of 2022, to 6.635 billion dirhams, compared to 5.921 billion dirhams in the first quarter of 2021.
She pointed out that real estate sales rose by 16% in the first quarter of this year, to reach 6.858 billion dirhams.
In its statement, she added, the group's real estate sales rose by 17% in the first quarter of this year to reach 8.332 billion dirhams, compared to 7.115 billion dirhams in the first quarter of 2021.
Emaar's cumulative sales of projects in progress amounted to about 45.24 billion dirhams, at the end of the first quarter of 2022.
Emaar Properties' profits increased by 80 percent by the end of 2021, compared to the end of 2020.
The company indicated that its profits amounted to 3.8 billion dirhams at the end of 2021, compared to profits of 2.109 billion dirhams at the end of 2020.
Shopping malls recorded a 36% growth in revenue compared to the first quarter of 2021, while hospitality real estate revenue doubled due to the strong recovery in the tourism sector.
The company indicated that profits from the share of the results of associates and joint ventures amounted to 38.4 million dirhams, compared to recording losses of 100.7 million dirhams during 2021.
Emaar Properties is a real estate development company headquartered in the United Arab Emirates. It is a public joint stock company listed on the Dubai Financial Market under the symbol. The company manages its operations in many global markets and provides a full range of development and management services.