Dubai – Mubasher: The net profits of Emaar Properties declined by 48% to AED 2.44 billion in the first nine months of 2020, compared to AED 4.65 billion in the same period of 2019.
The company has generated revenues of AED 13.37 billion in the January-September period of 2020, down 26% from AED 18.01 billion in the year-ago period, according to a press release on Wednesday.
The group recorded AED 40.758 billion in the total sales backlog, which will be registered as revenues in the coming years.
Emaar's international operations delivered property sales worth AED 3.435 billion in the first nine months of 2020.
The earnings per share (EPS) stood at AED 0.34 in the January-September period of 2020, versus AED 0.65 in the corresponding period of 2019.
Commenting on the company's performance, the Founder of Emaar, Mohamed Alabbar, said: "COVID-19 has hugely impacted businesses all over the world, but the plans and strategies that we adopted during the early stage of the pandemic, which included a restructuring of our businesses into leaner operations, showed our great agility in dealing with the crisis."
It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits plunged by 35% to AED 2.01 billion, compared to AED 3.11 billion in the corresponding period of 2019.
