Dubai – Mubasher: The net profits of Emaar Development increased by 20% year-on-year (YoY) to AED 781 million in the first quarter (Q1) of 2021, compared to AED 649 million.
The company’s revenues rose by 26% to AED 3.848 billion in the three-month period ended 31 March, compared to AED 3.044 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.
Currently, Emaar has a sales backlog of AED 25.049 billion, which will be recognised as future revenues for the business.
Property sales surged to AED 5.883 billion in Q1-20, compared to AED 2.857 billion in Q1-20, due to the recovery of the real estate market in the region.
