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Dubai’s Emaar Properties said its net profit more than doubled in the third quarter on the back of strong property sales in the UAE.
Net profit for the three months ended September 30 rose to 1.01 billion dirhams ($277 million), compared with a net profit of 359 million dirhams in the same period last year, the developer said in a statement to the Dubai Financial Market, where it is listed.
Revenue came in at 6.83 billion dirhams during the third quarter of 2021, a 65 percent jump compared with 4.13 billion dirhams in the year-ago period.
The developer of Burj Khalifa said it sold domestic property worth 21 billion dirhams, five times the sales in the same period in 2020.
It has property sales backlog of 47 billion dirhams, "which will be recognised as future revenue for Emaar Properties in the coming three to four years."
Net profit for the first nine months of 2021 stood at 2.58 billion, 25 percent higher year-on-year, Dubai’s largest listed developer said.
Meanwhile, Emaar Development, the developer's development arm, posted a net profit of 872 million dirhams for Q3, more than double its effort in the year-ago period. Revenue for the quarter was 66 percent higher at 3.84 billion dirhams.
It saw property sales worth 7.12 billion dirhams during the third quarter, over six times the sales achieved during the same period last year.
Property sales in Dubai has bounced back this year on the back of strong demand from both local and international buyers as the economy opened up.
(Writing by Brinda Darasha; editing by Seban Scaria)
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