Emaar group property sales touch Dhs26.9bn between Jan-Sep 2022

Emaar group property sales touch Dhs26.9bn between Jan-Sep 2022

Emaar reported that it recorded revenue amounting to Dhs18.9bn ($ 5.1bn) during the first nine months of the year, supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net profit for the period increased by 47 per cent and 124 per cent respectively to Dhs8.4bn ($ 2.3bn) and Dhs5.8bn ($1.6bn) respectively as compared to the same period in 2021, as a result of sustained revenue, improved margins and greater control on costs. EBITDA and net profit for Q3 2022 increased by 12 per cent and 46 per cent respectively to Dhs2.3bn ($626m) and Dhs1.5bn ($408m), respectively, compared to the same period last year. Emaar successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on the sale of units in under-construction projects, Emaar has recorded the highest ever group property sales of Dhs26.9bn ($7.3bn) in the nine-month period. Property sales backlog of Emaar reached Dhs51.9bn ($14.1bn), which will be recognised as revenue in the coming years. Emaar has also announced notable strategic transactions in the third quarter which reinforce the company’s strategy to focus on