Dubai’s Emaar sees 80% net profit rise to Dhs6.8bn, supported by record property sales

Dubai’s Emaar sees 80% net profit rise to Dhs6.8bn, supported by record property sales

Dubai’s Emaar Properties has announced that the revenue it earned in 2022 amounted to Dhs24.9bn ($6.8bn). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to Dhs9.8bn ($2.7bn) and Dhs6.8bn ($1.9bn) compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs. Emaar’s group property sales in 2022 reached Dhs35.1bn ($9.5bn), primarily driven by new project launches. The company’s backlog of property sales has reached Dhs53.2bn ($14.5bn), which will be recognised as revenue in the coming years. In 2022, it completed the acquisition of Dubai Creek Harbour for an overall consideration of Dhs7.5bn ($2bn). Mohamed Alabbar, the company’s founder, said: “After a successful 2022, we are very pleased with our accomplishments. 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. Given these remarkable outcomes, we expect to see strong performance by our shopping centers, hotels, and property sales in 2023, as we continue to deliver cutting-edge projects and unparalleled offerings across all of our business