Emaar Properties has reported a net profit of $1.03 billion for the financial year 2021, which is a whopping 80% jump over the previous year on the back of robust property sales in the UAE.

The Dubai-based developer announced that its revenue for the 12-month period also witnessed solid growth to hit $7.69bn, up 57% over the $4.90bn in 2020. This rise was based on a 209% growth in its property sales for the period, which surged to $9.19bn from the previous year's figures of $2.90bn, the highest ever property sales recorded by Emaar since its incorporation in 1997. Emaar also said that it has a sales backlog of $12.54bn, which will be recognised as future revenue.

On the performance of its subsidiaries, the Dubai developer said that Emaar Development saw its highest ever property sales in Dubai hitting $7.47bn, a 335% jump compared to 2020 levels. Revenue for the division stood at $4.08bn, up 60%, while net profit was $882 million, up 96%.

Meanwhile Emaar Malls recorded a revenue of $1.35bn, up 42% over the previous year, while its net profit to $498m.

Emaar founder Mohamed Alabbar said: “Emaar’s portfolio of prime, highly sustainable assets is set to continue to benefit from the fundamental shifts occurring within the real estate market as well as the company’s approach to portfolio optimisation.

“We have a substantial development pipeline and landbank which leaves the company well-positioned to deliver attractive, sustainable returns for all stakeholders.”