Dubai developer Emaar’s H1-2023 net profit at Dh4.9b, sales backlog tops Dh62b

Dubai developer Emaar’s H1-2023 net profit at Dh4.9b, sales backlog tops Dh62b

Emaar's growth run continues to show good momentum. Most interesting for investors in the Emaar stock would be the overall sales backlog.

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Dubai: The Dubai master-developer Emaar recorded group-wide property sales of Dh20.2 billion in the first six months of 2023, propelling it to a 15 per cent growth in net profit, to total Dh4.9 billion.



Much of the numbers continue to be generated from the sustained demand for property investments in Dubai. Emaar’s overall sales backlog comes to Dh62.8 billion, with the developer keeping the pipeline busy with new community-scale launches.







“Emaar's focus on improving profit margins and operational efficiencies resulted in achieving higher EBITDA, which grew by 5 per cent to Dh6.4 billion compared to H1-2022,” said a statement.



Interestingly, revenues for the first-half dropped 10 per cent to Dh12.2 billion. But Emaar also tightened its costs, which are down 18 per cent for the period.



Dubai sales - Up and away





Meanwhile, its Dubai-focussed entity - Emaar Development - saw sales rise 25 per cent in H1-23, to Dh19 billion. This is 'attributed to the 16 successful launches across various masterplans, creating