Emaar Development delivers property sales of Dh6.308b

Developer Emaar Properties reported on Sunday a nearly 58 per cent drop in net profit to Dh2.6 billion in 2020 as against a profit of Dh6.2 billion in 2019, and said it saw “a world of opportunities” in 2021.

The developer of Burj Khalifa, the world’s tallest structure, said in a statement that its revenues plunged 20 per cent in 2020 to Dh19.71 billion from Dh24.59 billion a year earlier.

Emaar’s overall property sales during 2020 stood at Dh10.9 billion, of which Dh6.3 billion was recorded in the UAE. “The performance shows sustained interest from investors, both domestic and foreign,” it said.

The master developer’s sales backlog stood at Dh36.7 billion, of which Dh24.7 billion comprises of the backlog in the UAE, which would be recognised as revenue in the coming years.

Mohamed Alabbar, the founder of Emaar, said the performance in 2020 was a direct result of the company’s ability to move quickly, adapt to new business conditions and utilise its existing resources to access new opportunities. “We continue to embrace technology to help grow our business, while at the same time closely adhere to the cost discipline that helps us achieve better results in each quarter.”

“Looking ahead to 2021, we see a world of opportunities — both traditional and tech-driven — that will help us grow in ways and in markets that didn’t exist five or ten years ago,” Alabbar said.

Emaar Development, Emaar’s build-to-sell real estate business in the UAE, reported a net profit of Dh1.7 billion as revenue stood at Dh9.8 billion.

issacjohn@khaleejtimes.com