Emirati real estate companies achieved excellent business results during the third quarter of this year, despite the challenging work environment imposed by the pandemic.
In an indication that reflects the beginning of the real estate market recovery, Emaar Development Company recorded real estate sales worth 4,343 billion dirhams during the first 9 months of this year.
The revenues of “Aldar Properties” reached about 2.1 billion dirhams during the third quarter of 202, as a result of record sales of residential real estate recorded by the company in its main market Abu Dhabi.
Emaar Development’s sales growth
Emaar Development Company, in which Emaar Properties holds a majority stake, recorded real estate sales amounting to 4,343 billion dirhams during the months from January to September of 2020, while its net profit for the same period amounted to 1,359 billion dirhams, which reflects The strength of the company’s financial pillars.
Emaar Development achieved monthly growth in its sales during the third quarter of 2020 / from July to September, with the value of amounts received for projects in progress reaching 27,154 billion dirhams.
Mohamed Alabbar, founder of Emaar Properties and Emaar Development, said: Emaar Development continues its firm commitment to deliver its projects and provide buyers with high-end lifestyles according to the highest standards, and this naturally forms the core of our business and the pillar of our flexible financial performance in the midst of the complex conditions that the markets have suffered during the past period. Support our customers in appropriate, meaningful and humane ways through our various digital initiatives and platforms.
During the year 2020, Emaar Development completed more than 2,500 housing units across a number of major destinations including Dubai Hills Estate, Dubai Creek, Arabian Ranches and Emaar South, and the company delivered more than 45,000 units until October of this year. Residential, while more than 28,000 units are currently under development across the UAE.
2.1 billion dirhams revenues from “Aldar Properties”
Aldar real estate, “Aldar”, announced on Wednesday that its revenues increased by 30% year-on-year, to reach 2.1 billion dirhams during the third quarter of 2020.
The gross profit increased by 5% to 696 million dirhams and net profits by 8% to 416 million dirhams, as a result of the record sales of residential real estate recorded by the company in its main market Abu Dhabi during the third quarter.
Aldar achieved a 7% year-on-year increase in sales of development projects to reach 1.2 billion dirhams during the third quarter .. This resulted in total sales of 2.0 billion dirhams since the beginning of the year until now, as investors and end-users continued to buy real estate in the country. The main sites within Saadiyat and Yas islands.
The company has received strong cash payments from the development projects that have been delivered and projects under construction worth 3.1 billion dirhams since the beginning of the year until now.
Aldar’s huge portfolio of prime investment properties showed a high level of stability despite the challenging business environment imposed by the Covid-19 pandemic. Occupancy rates across its diversified portfolio of assets, residential, commercial and retail, stabilized at 87%.
The company continued to record steady income from the business of managing development projects for external parties, which is expected to expand further after the company concluded in late October / after the end of the third quarter period / memorandum of understanding with the Abu Dhabi government to develop and manage major projects exceeding the value of 30 billion dirhams.
On this occasion, Talal Al-Dhiyabi, CEO of Aldar Properties, said: “Aldar continued to record strong performance during this difficult year, and we were able to achieve rewarding profits thanks to the great diversity in our business model as the company relies on two major business sectors that include a huge and diversified portfolio of investments. The revenue generating business coupled with the development work for major sites in Abu Dhabi provides the company with strong cash flows with the ability to anticipate revenues, in addition to achieving significant growth in revenues and profits.
Al-Diyabi added, “In light of its balance sheet and strong cash liquidity, Aldar continues to invest in development projects under implementation and expand its investment portfolio both … The strong sales in our major projects reflect investor confidence in the real estate pillars of Abu Dhabi, backed by the government’s commitment to achieving its strategy for economic growth and diversification.” … Aldar is proud of its cooperation with the Abu Dhabi government in developing more major strategic projects. ”
The Development Projects Department of Aldar recorded revenues of 1.29 billion dirhams during the third quarter of 2020, which is more than double the value recorded for the same period last year .. This exceptional growth is due to the strong sales of completed residential units, and the income resulting from the continued delivery of projects under construction. And project management for the benefit of the Abu Dhabi government.
The house has met with wide demand for its high-quality residential units in the projects “Water Edge”, Saadiyat Walkway, and “Nareel” Island .. And with the launch of digital solutions and virtual tours, the company was able to continue its sales during the year 2020.
These were the details of the news Emaar and Aldar are in the lead … a boom in... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.