Emaar records 43% growth in net Q1-23 profit

Emaar records 43% growth in net Q1-23 profit

DUBAI, 11th May, 2023 (WAM) -- Emaar Properties PJSC (DFM: EMAAR) has announced robust Q1 2023 financial results attributed to ‘good’ property sales performance and operational excellence across its businesses, the property giant said in a statement today.

Emaar reported revenue of AED6.3 billion (US$ 1.7 billion) in the first quarter of 2023, supported by increased tourism, retail sales and demand for real estate projects in Dubai. Emaar recorded an EBITDA and net profit for the first quarter of 2023 of AED 4.0 billion (US$ 1.1 billion) and AED 3.2 billion (US$ 873 million), respectively, which is an increase of 26 per cent and 43 per cent, respectively, compared to the first quarter to 2022.

In the first quarter of 2023, Emaar’s group property sales reached AED 9.2 billion (US$ 2.5 billion), an 11 per cent increase compared to Q1 2022. Emaar’s revenue backlog from property sales increased to AED 55.7 billion (US$ 15.2 billion), which will be recognised as revenue in the coming years.

Mohamed Alabbar, Founder of Emaar, said: “Emaar’s financial performance during the first quarter demonstrates our capability to continually enhance our performance through effective management of its operational efficiencies. As a direct consequence of our enhanced capacity to scale