The company saw an increase in revenue of 12% in Q1 2022 and reached AED 6.6B (USD 1.8B), compared to Q1 2021, when sales were AED 5.9B (USD 1.6B). Furthermore, group property sales increased by 17% to AED 8.8B (USD 2.4B) from AED 7.1B (USD 1.9B) last year.
The Founder of Emaar Properties, Mohamed Alabbar, stated that the share of the company in Egypt and India has increased, which shows a demand in these economies as well. The Founder also said that Emaar would continue offering hospitality and retail real estate units, which has shown solid results in Q1 2022. He added that the Emirati leading economic position allows Emaar, as well as other companies to develop.
Emaar Development, the property development business which is majority-owned by Emaar Properties, continued showing strong property sales during Q1 2022 which led to AED 6.8B (USD 1.9B) in sales, recording robust property sales which is 16% higher compared to the same period last year when revenue was AED 5.6B (USD 1.5B).
A net profit of Emaar Development in Q1 2022 was AED 1.1B (USD 286M) which is 34% higher compared to Q1 2021, while the revenue was AED 3.6B (USD 971M). In 2021 there was a huge increase of 335% in property sales compared to 2020 at AED 27.4B (USD 7.5B).
During 2021, Emaar Developments delivered over 4,700 residential units in premium locations such as Dubai Marina, Downtown Dubai, Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront and Emaar South. As of December 2021, the total number of delivered residential units were 52,000 including over 24,500 units under development in the UAE.
In terms of international real estate, Emaar reached AED 1.5B (USD 401M) of property sales in Q1 2022, which is 22% higher compared to AED 1.2B (USD 330M) in 2021. International property development businesses brought in a revenue of AED 989M (USD 269M) in Q1 2022, which is 15% of the total revenue, and can be explained by the development of the company in Egypt and India.
As for commercial properties, Emaar Malls Management showed a 36% growth in Q1 2022, in which revenue reached AED 1.2B (USD 336M). The net profit for Q1 2022 reached AED 635M (USD 173M) which is 136% higher compared to the same period in the previous year. The leasing occupancy was also improved at 93%. Emaar Entertainment released Adventure Park, the indoor play area for children, as well as The Storm Coaster, which is a breathtaking indoor rollercoaster, at Dubai Hills Mall, and was opened by Emaar Malls Management in February 2022.
The hotels under Emaar Hospitality Group boast an average occupancy level of 80% which shows the recovery of tourism in the Persian Gulf countries. A revenue of AED 843M (USD 230M) was recorded in Q1 2022 by the hospitality, entertainment, leisure and business sectors of Emaar. Together they showed a revenue amount of AED 2.1B (USD 566M) which is 31% of Emaar's total revenue, and 62% higher in comparison to the numbers within the same period of the previous year.
Real estate units by Emaar are always in high demand among locals and foreigners. If you are wanting to purchase a real estate unit by this world-famous company, you might be interested in knowing more about TOP-9 of Emaar projects in Dubai.
