Emaar Properties reported a substantial 22% YoY increase in property sales within the UAE for Q1, demonstrating investor confidence despite geopolitical headwinds ahead of the Iran conflict.
This surge contributed to a 24% rise in net profit to Dh 6.4B (approximately $1.7B) for the period ending 31 March, complemented by a 23% increase in revenue, reaching Dh 12.4B (Dubai Financial Market).
The firm’s revenue backlog as of 31 March stands at Dh 163B, signifying a 29% YoY growth.
Emaar’s extensive landbank, covering 600m square feet, includes over half of this area situated in the UAE. The subsidiary Emaar Development, focused on local projects, recorded sales of Dh 20.1B, following the introduction of ten new developments between January and March.
The revenue for this segment experienced a remarkable growth of 36% YoY amounting to Dh 6.9B, with net profit soaring nearly 50% to Dh 4B.
The firm’s retail, commercial leasing, and malls segment achieved a 15% revenue uptick YoY to Dh 1.8B, maintaining a high average occupancy rate of 98% by the end of March.
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