Emaar Properties’ revenue climbed by 12% in the first quarter of this year to $1.806 billion.

Emaar Properties increased its net profit by 241% to Dhs2.239 billion ($610 million) in Q1 2022. In Q1 2021 it was Dhs657 million ($179 million).

Emaar’s revenue in Q1 2022 was Dhs6.635 billion ($1.806 billion), up 12% from Dhs5.921 billion ($1.612 billion) in Q1 2021. Property sales for the group climbed by 17% to Dhs8.332 billion ($2.268 billion). This is up from Dhs7.115 billion ($1.937 billion) in Q1 2021. At the end of Q1 2022, the company had a property sales backlog of Dhs45.24 billion ($12.317 billion).

“We have increased our share in key markets of Egypt and India, capturing the strong increase in demand in these economies,” said Mohamed Alabbar, founder of Emaar Properties. Emaar will continue to benefit from the very favourable supply and demand dynamics in hotel and shopping malls, which saw a strong performance in the first quarter of this year. “Emaar is well-positioned to efficiently implement its clearly defined strategy and to generate attractive and sustainable returns for all stakeholders. The future growth and long-term shareholder value will be laid by digital transformation, new product innovation and market penetration.“

Emaar Development, the UAE’s build-to-sell property development company, reported property sales of Dhs6.843 billion ($1.863 billion). This is up 16 percent from Dhs5.883 billion ($1.602 billion) in Q1 2021. Emaar Development recorded a net profit of Dhs1.05 billion ($286 million), up 34% from the first quarter of 2021.

In Q1 2022, Emaar’s foreign real estate operations sold property for Dhs1.474 billion ($401 million), up from Dhs1.211 billion ($330 million) in Q1 2021. Emaar’s foreign property development companies generated Dhs989m ($269m) in sales in Q1 2022. This accounts for 15% of the company’s overall revenue and is supported by activities in Egypt and India.

Emaar Malls Management, Emaar Properties’ shopping malls and retail subsidiary, saw a 36% increase in revenue in Q1 2022. Compared to the same period the previous year, the number hit only Dhs1.235 billion ($336 million).

Overall, net profit for Q1 2022 was Dhs635 million ($173 million), up 136% from Q1 2021. Emaar Malls Management’s leasing occupancy levels increased to 93 percent. Emaar Malls Management also opened Dubai Hills Mall in Q1 2022.

Emaar’s hospitality, leisure, entertainment, and commercial leasing businesses generated Dhs843m ($230m) in revenue in Q1 2022. This is up more than 120 percent from Q1 2021, with average occupancy levels of 80 percent at Emaar Hospitality Group hotels in the UAE, including its managed hotels.