Emaar Properties reported an 80% YoY jump in its annual 2021 net profits to AED 3.8bn ($1.03bn). Revenues also jumped by 57% to AED 28.3bn ($7.7bn) with record property sales which soared 335% YoY to AED 27.5bn ($7.5bn), its highest ever figure since 1997 when the company was incorporated. The property developer said that it has a backlog of AED 46bn ($12.5bn), which will be recognized as future revenue, further strengthening its overall financials. Emaar Properties’ listed subsidiary Emaar Development saw its net profits almost double to AED 3.2bn ($870mn).
Emaar’s dollar sukuk were flat with its 3.7% 2031s at 100.72, yielding 3.61%.
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