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Emaar Development records 46% higher profits in H1-21

Emaar Development records 46% higher profits in H1-21
The company's revenues hiked by 61% to AED 7.755 billion
Emaar Development
EMAARDEV
3.14% 4.60 0.14

Dubai – Mubasher: The net profits of Emaar Development jumped by 46% to AED 1.512 billion in the January-June period of 2021, compared to AED 1.036 billion in the year-ago period.

The company's revenues hiked by 61% to AED 7.755 billion in the first half (H1) of 2021 from AED 4.818 billion in the corresponding period of 2020, according to a press release on Wednesday.

In the second quarter (Q2) of 2021, the company's net profits increased by 89% to AED 731 million, against AED 387 million in the same quarter of 2020.

Emaar has a sales backlog of AED 27.577 billion, which will be registered in the future as revenues for the business.

It is noteworthy to mention that in the first quarter (Q1) of 2021, the company's net profits increased by 20% year-on-year (YoY) to AED 781 million, compared to AED 649 million.