Emaar records a 43% increase in net profit for Q1 2023 achieving group property sales of AED 9.2bln ($2.5bln)

Emaar records a 43% increase in net profit for Q1 2023 achieving group property sales of AED 9.2bln ($2.5bln)

- Recurring revenue recorded an increase of 11% in Q1 2023, supported by an increase in tenant sales and a resurgence in tourism activity

- Sale of Namshi to Noon valued at AED 1.2 billion (US$ 335 million) completed in Q1 2023

Dubai, United Arab Emirates – Emaar Properties PJSC (DFM: EMAAR) has announced robust Q1 2023 financial results attributed to good property sales performance and operational excellence across its businesses.

Key Accomplishment Highlights

Emaar reported revenue of AED 6.3 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