Emaar Properties witnesses lower profits in 2020

SectorReal Estate

Dubai – Mubasher: The net profits of Emaar Properties plunged to AED 2.617 billion in 2020, compared to AED 6.2 billion in 2019, as per the company's preliminary results of fiscal year 2020. The company's revenues recorded AED 19.71 billion last year, down from AED 24.585 billion in 2019. Emaar saw AED 10.902 billion in overall property sales, of which AED 6.321 billion was executed in the UAE, while the company's total sales backlog recorded AED 36.677 billion. The earnings per share (EPS) stood at AED 0.37 in 2020, against AED 0.87 in the earlier year.

The Founder of Emaar, Mohamed Alabbar, commented: "Looking ahead of 2021, we see a world of opportunities - both traditional and technology-driven - that will help us grow in ways and in markets that did not exist five or ten years ago." It is noteworthy to mention that in the first nine months of 2020, the company's net profits declined by 48% to AED 2.44 billion, compared to AED 4.65 billion in the same period of 2019. ...read more...