DUBAI: Dubai’s biggest property firm Emaar Properties reported a nearly 58% drop in net profit, while rival DAMAC Properties posted a 1.04 billion dirham ($283 million) net loss for 2020, as the COVID-19 pandemic hurt the property market.
The fortunes of Dubai’s developers were in sharp contrast to Abu Dhabi’s biggest developer Aldar Properties, which posted a 2020 net profit of 1.932 billion dirhams. DAMAC posted a net loss of 37 million dirham a year earlier. DAMAC’s sales contracted 26% to 2.3 billion dirham, DAMAC said in a statement. Revenue, which includes past sales recognised in the annual reporting period, grew 6.2% to 4.67 billion dirham. Emaar posted a net profit of 2.62 billion dirhams in 2020, down from 6.2 billion a year earlier, while revenues slid to 19.71 billion dirhams in 2020 from 24.59 billion a year earlier.