Dubai: Further proof of a gradual recovery in Dubai property sales is now in evidence – Emaar Development had “one of its highest quarterly sales” during the first three months of this year. Property sales in the emirate doubled to Dh5.88 billion from Dh2.85 billion, while net profit came to Dh781 million, which is up 20 per cent.
“Our commitment to project delivery, cashflow generation and future project developments have underlined our health sales results for Q1-2021,” said Mohammed Alabbar, founder of Emaar Properties and Emaar Development, in a statement. “What sets us apart from competitors is our community-centric strategy, delivering not just premium residential developments but also malls, hospitality and entertainment experiences.”
Emaar’s share price on May 10. The stock was heavily traded in morning session, but the price remained unchanged
Emaar’s Dh781 million net profit was centred around revenues of Dh3.84 billion, which is a gain of 26 per cent from a year ago. Last quarter, the developer launched Golf Place Terraces, a villa cluster within its Dubai Hills destination.
Emaar’s sales backlog at the end of March was Dh25 billion, which will recognised as revenue on project completion.