Emaar nine-month net profit sees 43% hike bolstered by property sales

Emaar nine-month net profit sees 43% hike bolstered by property sales

Image: Emaar

Emaar Development’s Q3 performance has maintained the dynamic pace of its earlier quarters. The company’s property sales rose by 25 per cent, reaching Dhs28.9bn ($7.9bn) in the first nine months year versus Dhs23.2bn ($6.3bn) for the same period in 2022.

The results are underscored by 20 successful launches of projects across various master plans.

The company also unveiled Palmiera, the latest lifestyle destination launching within The Oasis.

With an estimated development value of around circa $20bn for the entire project, The Oasis features more than 7,000 residential spaces, predominantly expansive mansions, and villas, complemented by water channels, lakes, and green.

In the first nine months of 2023, the company reported an EBITDA (earnings before interest, taxes, depreciation and amortisation) of Dhs4.5bn ($1.2bn) and net profit of Dhs4.1bn ($1.1bn), an increase of 36 per cent and 43 per cent compared to the same period in 2022, respectively.

Emaar Development has a sales backlog of Dhs59.6bn ($16.2bn).

Mohamed Alabbar, founder of Emaar, said: “The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”

Emaar property deliveries from January to September

In the first nine months, the