Emaar records half yearly sales of AED 17.672bln and EBITDA growth of 66%

Emaar records half yearly sales of AED 17.672bln and EBITDA growth of 66%

- Malls revenue records 30% growth compared to H1 2021, supported by record tenant sales which surpasses pre-Covid level;

- Hospitality revenue grew by 64% compared to H1 2021, reflecting the tourism sector robust post-pandemic recovery;

- Recorded highest ever H1 UAE property sale of AED 15.244 billion (US$ 4.150 billion), 10% higher than H1 2021; and

- Property sales backlog at AED 47.982 billion (US$ 13.063 billion), provides strong revenue visibility for the coming years.

Dubai, United Arab Emirates: Emaar Properties PJSC (DFM: EMAAR), announced good growth in first half profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses. This performance is testament to the continued confidence in Emaar’s brand and overall post-pandemic recovery of Dubai’s economy, led by the real estate market.

Key performance highlights

Led by robust performance of its core property development business, and complemented by growing recurring revenue operations, Emaar recorded strong first half revenue of AED 13.575 billion (US$ 3.696 billion), growth of 10 per cent compared to H1 2021. H1 2022 EBITDA increased by 66 per cent to AED 6.112 billion (US$ 1.664 billion) compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimization.

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