Emaar posts net profit of $1.6bln in first nine months of year

Emaar posts net profit of $1.6bln in first nine months of year

DUBAI: Emaar Properties has announced continued growth in the first nine-month profitability, recording a revenue of AED18.9 billion ($ 5.1 billion) supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses.

Announcing the results for the January to September period, Emaar said its EBITDA hit AED8.4 billion ($2.3 billion), up 47% over last year, while its net profit for the period surged 124% to AED5.8 billion ($1.6 billion) as a result of sustained revenue, improved margins and greater control on costs.

On its three-month period results, Emaar said the ebitda and net profit increased by 12% and 46% respectively to AED2.3 billion ($626 million) and AED1.5 billion ($408 million) compared to similar period during last year.

The Dubai developer had successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of AED26.9 billion ($7.3 billion) during 9 months in 2022.

Property sales backlog of Emaar reached to AED 51.9 billion ($14.1 billion), which will be recognized as revenue in the coming years.

Emaar has also announced notable strategic transactions in the third quarter which reinforce