Emaar Properties logs 70% higher profits at AED 11.6bn in 2023

  • Date: 11-Feb-2024
  • Source: Mubasher
  • Sector:Real Estate
  • Country:UAE
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Emaar Properties logs 70% higher profits at AED 11.6bn in 2023

Dubai – Mubasher: Emaar Properties generated revenues of AED 26.70 billion ($7.30 billion) in 2023, marking a 7% year-on-year (YoY) growth.

The company logged and net profit valued at AED 11.60 billion ($3.20 billion) as of 31 December 2023, higher by 70% when compared to 2022, according to a press release.

Emaar’s positive performance was backed by a growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand.

The earnings before interest, taxes, depreciation, and amortisation (EBITDA) hiked by 63% to AED 16 billion ($ 4.40 billion) during 2023 when compared to 2022.

Additionally, the group’s property sales jumped by 15% YoY to AED 40.30 billion ($ 11 billion) in 2023.

During the January-December 2023 period, the revenue backlog from property sales hit AED 71.80 billion ($19.50 billion), reflecting a positive outlook for revenue recognition in the forthcoming years.

Mohamed Alabbar, Founder of Emaar, stated: "The strategic initiatives undertaken in the past two years, coupled with enhancements in consumer confidence and overall business dynamics, especially in the real estate and retail sector, have significantly influenced our company's operations throughout the previous year.”

“With these results, we look forward to a positive performance in our shopping centres, hotels, and property sales