Emaar 9M profit at AED2.44 bn; revenue at AED13.37 bn
DUBAI/November 13-2020: The profit from Leasing & Retail at AED638.69 million has helped hold up Emaar Properties’ bottom line for the third quarter as the other sectors of the property major, such as Real Estate and Hospitality couldn’t contribute much to its profitability this time, thanks to the still persisting economic slow-down due to COVID 19.
For the three-month period ending September 30, 2020, while the Real Estate came up with a PBT of AED180 million, the contribution from Hospitality was to the tune of AED65 million.
However, for the nine months ending September 30, Real Estate chipped in the most at AED849 million followed by AED714 million by Leasing & Retail, but Hospitality sector closed the period contributing a loss of AED134 million before tax and other expenses.
Emaar Properties recorded a resilient performance in the first nine months of 2020, ending September 30, reporting a net profit of AED2.436 billion ($663 million) and a revenue of AED13.374 billion ($3.641 billion).
Emaar’s international operations delivered property sales of AED3.435 billion ($935 million) in the first nine months of 2020, a growth of 9 per cent compared with the same period in 2019.
Mohamed Alabbar (seen in the picture) , founder of Emaar, said the company’s performance in the third quarter emonstrates the continued resilience of the company during these challenging conditions.
“Covid-19 has hugely impacted businesses all over the world, but the plans and strategies that we adopted during the early stages of the pandemic, which included a restructuring of our businesses into leaner operations, showed our great agility in dealing with the crisis,” Alabbar said.