Dubai’s Emaar nearly doubles 2022 net profit as property sales surge to $9.5bln

Dubai’s Emaar nearly doubles 2022 net profit as property sales surge to $9.5bln

Emaar Properties’ net profit nearly doubled in 2022 as sales hit a record of AED 35.1 billion ($9.5 billion) on the back of strong demand from real estate buyers.

Net profit and EBITDA for the year surged 80% and 18%, respectively, to AED 6.8 billion and AED 9.8 billion compared to 2021, while total revenue reached AED 24.9 billion, the company said in a disclosure on the Dubai Financial Market (DFM).

The developer attributed the strong results to the rebound in global tourism, as well as improved consumer and property investor sentiments.

“Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years,” said Mohamed Alabbar, Founder of Emaar.

“Given these remarkable outcomes, we expect to see strong performance by our shopping centres, hotels and property sales in 2023.”

Subsidiaries

One of the company’s subsidiaries, Emaar Development, sold AED 30.7 billion worth of properties in Dubai, a 12% increase over 2021. Its revenue and EBITDA reached AED 11.5 billion and AED 4.2 billion, respectively.

The developer’s global business, Emaar International, also sold AED 4.2 billion ($1.1 billion) worth of properties in 2022, driven