Emaar Properties' Revenue Climbed By 12% in the First Quarter of This Year To $1.806 Billion
Emaar Properties, a Dubai real estate developer, increased its net profit by 241% to DHS 2.239 billion ($610 million) in Q1 2022, compared to DHS 657 million ($179 million) in Q1 2021.
Emaar's revenue in Q1 2022 was DHS 6.635 billion ($1.806 billion), up 12% from Dhs5.921 billion ($1.612 billion) in Q1 2021. Property sales for the group climbed by 17% to DHS 8.332 billion ($2.268 billion), up from DHS 7.115 billion ($1.937 billion) in Q1 2021. At the end of Q1 2022, the company had a property sales inventory of DHS 45.24 billion ($12.317 billion), which will be recorded as revenue in the future.
"We have strengthened our position in key areas like as Egypt and India, highlighting the significant increase in demand in these regions," said Mohamed Alabbar, the company's founder. Emaar Properties will continue to benefit from the very favorable requirements and market dynamics in hotel and shopping centers, which saw a strong performance in the Q1 of this year.
"Emaar is well positioned to carry out its well-defined strategy and generate significant long-term earnings for all stakeholders." The foundation for future success and long-term shareholder value will be laid via digitalization, new product innovation, and market penetration."
Emaar International
Emaar International reported real estate transactions of DHS 1.474 Billion ($401 million) in Q1 2022, up from DHS 1.211 billion ($330 million) in Q1 2021. Emaar's foreign property development companies generated Dhs989m ($269m) in sales in Q1 2022, accounting for 15% of the company's overall revenue and supported by activities in Egypt and India.
Emaar Construction
Emaar Development, the UAE's build-to-sell property development company, reported property sales of DHS 6.843 Billion ($1.863 billion), up 16 percent from DHS 5.883 Billion ($1.602 billion) in Q1 2021. Emaar Development recorded a net profit of DHS 1.05 Billion ($286 million), up 34% from the first quarter of 2021.
Management of Emaar Malls
Emaar Malls Management, Emaar Properties' shopping malls & retail subsidiary, saw a 36% increase in revenue in Q1 2022 compared to the same period previous year, hitting Dhs1.235 billion ($336 million).
Aggregate net profit for Quarter 1 2022 was DHS 635 million ($173 million), up 136% from Q1 2021. Emaar Malls Management is leasing occupancy levels increased to 93 percent. Emaar Malls Management also opened Dubai Hills Mall in Q1 2022.
Hospitality, Recreation, and Entertainment
Emaar's hospitality, leisure, entertainment, and commercial leasing businesses generated Dhs843m ($230m) in revenue in Q1 2022, up more than 120 percent from Q1 2021. With average occupancy levels of 80% at Emaar Hospitality Group hotels in the UAE, including its managed hotels.