Emaar Properties reported a real estate sales of AED 26bn ($7.1bn) in 9M2021, 3x the sales for the same period last year. Its Dubai market sales were 5x that of last year. Net profits for 9M2021 were at AED 2.6bn ($702mn), 25% higher YoY. Emaar said it has a “solid property sales backlog” of AED 46.93bn ($12.8bn) to be recognized as future revenues in the next 3-4 years. Its subsidiary Emaar Development achieved its highest ever property sales of AED 20.94bn ($5.7bn) during the period, 5x higher YoY. Meanwhile, Emaar Malls reported revenues of AED 3.2bn ($869mn) and maintained an occupancy level of 91%. Emaar’s Hospitality, Leisure & Entertainment unit recorded revenues of AED 1.55bn ($421mn) with its hotels having an average occupancy rate of 62%.
Emaar’s dollar bonds were steady with its 3.875% 2029s at 104.38, yielding 3.24%.
For the full story, click here