#Dubai's Emaar Properties sees 2021 net profit soar to $1bln; beats estimate | ZAWYA MENA Edition

Dubai's Emaar Properties sees 2021 net profit soar to $1bln; beats estimate | ZAWYA MENA Edition

Dubai’s Emaar Properties posted an 80 percent rise in its 2021 full year net profit at 3.80 billion dirhams ($1.03 billion) on the back of record property sales in the UAE.

Revenue came in at 28.27 billion dirhams during 2021, a 57 percent jump compared with 18 billion dirhams in the year-ago period, the developer said in a statement to the Dubai Financial Market where its shares trade.

The profit comfortably beat analysts’ average estimate of 3.67 billion dirhams, as per Refinitiv data.

Emaar shares closed trading 1.2 percent lower at 4.84 dirhams on DFM today.

Property sales jumped 335 percent over 2020 to 27.51 billion dirhams, the highest ever recorded by Emaar since incorporation in 1997, the statement said.