Emaar Development's net profits slid to AED 1.657bn in 2020

SectorReal Estate

Dubai – Mubasher: The 2020 preliminary financial results of Emaar Development decreased to AED 1.657 billion in 2020 from AED 2.7 billion in 2019. The company generated revenues of AED 9.758 billion last year, down from AED 12.746 billion in 2019, according to a press release on Sunday. At the same time, the company recorded property sales of AED 6.308 billion in 2020. The earnings per share (EPS) stood at AED 0.41 in 2020, versus AED 0.68 in the earlier year.

Commenting on the company's performance, the Founder of Emaar Properties and Emaar Development, Mohamed Alabbar, said: "Despite the challenges of the pandemic, we remained focused on progressing at great speed with all of our projects during 2020." It is noteworthy to mention that during the first nine months of 2020, the company registered a 34% decrease in net profits to AED 1.359 billion, compared to AED 2.07 billion in the corresponding period of 2019. ...read more...