Dubai developer Emaar Properties said on Monday that its group property sales in Q1 2021 were $1.937bn, up 83 per cent compared to $1.058bn it reported in Q1 2020.
The developer’s Q1 2021 revenue stood at $1.632bn, up 12 per cent compared to Q1 2020 revenues of $1.451bn. Its net profit also increased 8 per cent from $166m in Q1 2020 to $179m in Q1 2021.
Emaar added that its sales backlog of $11.382bn would be recognised as future revenue for Emaar Properties. It has handed over more than 74,500 residential units in Dubai and international markets, with over 25,500 units currently under development in the UAE and 11,500 units in global markets.
Emaar Development, the UAE build-to-sell property development business, majority-owned by Emaar Properties, recorded property sales in Dubai from January-March 2021 of $ 1.607bn, up 106 per cent compared to $780m in Q1 2020. Emaar Development also achieved revenues of $1.048bn and net profits of $213m, up 26 percent and 20 percent respectively over Q1 2020.
Emaar’s international operations continued to improve their operational results and recorded property sales of $330m in Q1 2021, 18 per cent higher compared to $279m in Q1 2020. Emaar’s international businesses contributed 13 percent to Emaar’s total revenue, underpinned by its operations in Egypt, India and Pakistan.
Earlier this week, Emaar Malls recorded a net profit of $87m in Q1 2021, an increase of 169 per cent from $32m recorded during the last quarter of 2020. Emaar Malls maintained occupancy levels at 91 per cent. Emaar Malls’ e-commerce fashion platform, Namshi, a wholly owned subsidiary, recorded sales of $70m for Q1 2021, up 6 per cent over Q1 2020.
Emaar Properties and Emaar Malls – both listed on Dubai Financial Market (DFM) – jointly announced plans for an all share merger in February. As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets. Emaar Properties will continue to be listed on the DFM.
Meanwhile, the hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenues of $124m for Q1 2021, with the hotels under Emaar Hospitality Group, including its managed hotels, boasting average occupancy levels of 62 per cent. Emaar’s recurring revenue generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved revenues of $370m which comprises of 23 percent of the company’s revenue