Abu Dhabi, (Business News Report)|| Emaar Properties’ shares have risen in the Dubai Financial Market, to attract trading values.
The increase in Emaar Properties’ shares came by 2.27% in Wednesday’s session, after Moody’s report, which raised the future outlook of the company’s credit rating from negative to stable.
Meanwhile, the agency kept the company’s current rating unchanged at Baa3.
The company’s share also increased by 2.27% at the level of 5.85 dirhams, attracting transactions worth 22.48 million dirhams, with a trading volume of 4.04 million shares.
The performance of the Emaar Properties share coincided with the rise of the Dubai Financial Market by 0.84% at the level of 3,401 points.
Emaar Properties announced that its profits during the first quarter of 2022 increased by 241% to 2.239 billion dirhams ($610 million), compared to 656.9 million dirhams ($179 million) in the same quarter of the previous year.
In a related context, Emaar Properties announced that its profits during the first quarter of 2022 increased by 241% to 2.239 billion dirhams ($610 million), compared to 656.9 million dirhams ($179 million) in the same quarter of the previous year.
The company said in a statement on the Dubai Financial Market, that the increase in profits was supported by the growth in revenues during the period by 12% to 6.635 billion dirhams ($1.8 billion).
The company’s real estate sales increased by 16% in the first quarter of the year to reach 6.858 billion dirhams ($1.867 billion).
The company also indicated that profits from the share of the results of associates and joint ventures amounted to 38.4 million dirhams, compared to recording losses of 100.7 million dirhams during 2021.
Shopping malls recorded a 36% growth in revenue compared to the first quarter of 2021, while hospitality real estate revenue doubled due to the strong recovery in the tourism sector.
Emaar’s cumulative sales of projects in progress amounted to about 45.24 billion dirhams ($12.3 billion).
Emaar also now owns a high percentage of cumulative real estate sales from projects in progress, amounting to 46.05 billion dirhams, whose revenues will be calculated in the coming years, which reflects the strength of Emaar’s financial position and its ability to maintain high revenues, profitability and shareholder returns for the foreseeable future.
