Net profit in the three months to March 31 was 3.2 billion dirhams ($871.53 million), more than double analysts’ expectations of 1.65 billion dirhams, according to Refinitiv data. .
The company said its property sales rose 11% to 9.2 billion dirhams, supported by rising tenant sales and a recovery in tourism activity.
Emaar’s statement said the total cumulative sales volume of the real estate projects amounted to 55.7 billion dirhams ($15.2 billion), which will be recorded as revenue in the coming years.
Emaar Properties is considered one of the largest real estate development companies in the world and has a land balance of 1.7 billion square feet in the United Arab Emirates and other markets. It also has 37 hotels and resorts, and its most important projects are “Burj Khalifa” and “The Dubai Mall”.
The company’s statement indicates that the sale of the “Namshi” company was finalized in the first quarter of this year for 1.2 billion dirhams (335 million dollars).
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