Emaar announces record property sales of AED 35.1bln (US$ 9.5 billion)

Emaar announces record property sales of AED 35.1bln (US$ 9.5 billion)

- Emaar's property sales backlog reached AED 53.2 billion (US$ 14.5 billion), which will be recognised as revenue in coming years

- Acquired Dubai Creek Harbour for a consideration of AED 7.5 billion (US$ 2 billion), offering future profit potential in a highly desirable area within Dubai

- Hospitality revenue grew by 25% compared to 2021 due to a strong rebound in tourism

- Malls revenue recorded an 8% increase in 2022 compared to 2021, with tenant sales surpassing pre-Covid levels

Dubai, United Arab Emirates: Emaar Properties PJSC (DFM: EMAAR) reported continued improvement in its property sales, growth in profitability and marked improvement in the performance of recurring revenue businesses in 2022.

Key Accomplishment Highlights

Emaar recognised revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism. EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion) compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs.

Emaar's group property sales in 2022 reached AED