Dubai's biggest listed property developer Emaar Properties reported an 8 per cent jump in first quarter net profit as it recorded a double-digit revenue increase.
Net profit grew to Dh657 million ($179m) as revenue rose 12 per cent year-on-year to nearly Dh6 billion, the company said in a statement to the Dubai Financial Market, where its shares trade.
"As one of the most dynamic and growing markets in the world, Dubai's property market resilience is a testament to its commitment to become one of the world's best cities," Mohamed Alabbar, founder and managing director of Emaar Properties, said.
"Within such as short space of time, Emaar has managed to achieve results that are comparable to 2019, before the pandemic affected businesses globally."
The developer behind Burj Khalifa, the tallest building in the world, is the third-biggest company on the Dubai Financial Market, with a market capitalisation of Dh28.64bn. Emaar has built more than 74,500 units to date and has more than 25,500 under development in the UAE, with a further 11,500 in other markets.
The company booked sales of Dh7.11bn in the first quarter, an 83 per cent increase on the same period last year. UAE property sales more than doubled to Dh5.9bn. This has brought the size of its backlog up above Dh41.8bn, the company said.
Profits at its Emaar Development arm grew 20 per cent to Dh781m as revenue grew 26 per cent, the company said. Its international arm reported revenue growth of 18 per cent to Dh1.21bn but the company did not provide a profit figure..
The company confirmed its Emaar Malls arm made a profit of Dh318m for the quarter, but did not give a corresponding figure for the same period last year. It also did not give a profit figure for its hospitality, leisure and entertainment arm.
Property prices in Dubai continued to rebound in April, rising 1.2 per cent month-on-month although they remain 6.5 per cent lower year-on-year, consultancy Valustrat said in a report on Sunday.
"On a citywide level, capital values of residential homes commenced a growth trend, a promising signal that the property market has indeed bottomed out. Clear improvements in capital values were observed in 96 per cent of locations," Valustrat said.
Transaction levels have also picked up, with residential sales volumes up 16.9 per cent month-on-month, the consultancy added. Off-plan house sales rose 30.1 per cent month-on-month and ready homes 8.7 per cent.