Emaar posts “resolute performance” despite 58% drop in net profit to $712mn – MEP MiddleEast

SourceMEP Middle East
SectorReal Estate

Dubai Financial Market-listed real estate developer Emaar Properties – which is recognised as the master developer of the Burj Khalifa – has reported a resolute performance in 2020, staying in the green with a net profit despite the fallout of COVID-19. The firm reported a 20% year-on-year drop in revenue to $5.36bn (AED19.71bn) and a 58% year-on-year drop in net profit to $712mn (AED2.61mn). Emaar’s overall property sales hit $2.968bn (AED 10.9bn) of which $1.72bn (AED6.32bn) was achieved in UAE. The performance shows sustained interest from investors, both domestic and foreign. Currently, the UAE’s largest real estate developer by market cap on the DFM has a total sales backlog of $9.986bn (AED36.67bn) of which $6.735bn (AED24.738bn) is in the UAE, to be recognised as revenue in the coming years. Commenting on the company’s strong results, the founder of Emaar, Mohamed Alabbar: “Our performance in 2020 is a direct result of our ability to move quickly, adapt to new business conditions, and...read more...