Dubai’s Emaar Properties reports $1.93bn property sales in Q1 2021, up 83% y-on-y

Dubai’s Emaar Properties reports $1.93bn property sales in Q1 2021, up 83% y-on-y

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