Emaar Properties has announced significant growth in quarterly profit backed by robust property sales and significant improvement in the performance of recurring revenue businesses.
The unaudited interim consolidated financials of the Dubai-based company reported a 241 percent surge in net profits attributable to the owners to AED 2.23 billion in the first quarter (Q1) of 2022, compared to AED 656.86 million in the Q1 of 2021.
The company reported revenues worth AED 6.63 billion in the first three months of 2022, an increase of 12 percent year-on-year (YoY) from AED 5.92 billion.
The property sales backlog amounted to AED 45.24 billion by the end of the first quarter this year.
The basic and diluted earnings per share (EPS) settled at AED 0.27 in Q1-22, against AED 0.09 in the corresponding period of 2021.
