Emaar Development reports AED7.2 billion in H1 revenues

Emaar Development reports AED7.2 billion in H1 revenues

DUBAI, 12th August, 2022 (WAM) -- Emaar Development achieved its highest property sales during the first half (January to June) of 2022, underpinned by recent successful launches creating value for the future.

Property sales for H1 2022 is increased by 10 percent to AED15.216 billion (US$4.143 billion) compared to AED13.825 billion (US$3.764 billion) in H1 2021.

During first half of 2022, the build-to-sell property development business majority-owned by Emaar Properties launched 15 projects in various master plans.

In the first six months of 2022, Emaar Development reported EBITDA of AED2.564 billion (US$698 million), an increase of 15 percent compared to the first six months of 2021 and revenue of AED7.282 billion (US$1.983 billion).

Due to this exceptional performance, Emaar now has a robust sales backlog of AED32.753 billion (US$8.917 billion), which will be recognised as future revenue for the business.

"Our unwavering determination to deliver premium projects to the market, cashflow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2 2022. Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master-planned developments,