Emaar reports a 15% net profit growth in H1 2023 and group property sales of AED 20.2bln

Emaar reports a 15% net profit growth in H1 2023 and group property sales of AED 20.2bln

- Recurring revenue records growth of 11% in H1 2023, supported by increased tenant sales and robust tourism recovery.

- S&P, Moody's, and Fitch upgraded Emaar's Credit Ratings to BBB, Baa2 and BBB, respectively, with a stable outlook.

Dubai, United Arab Emirates: Emaar Properties PJSC (DFM: EMAAR) has released its financial results for the first half of 2023, showcasing consistent performance and operational efficiency across its various businesses.

Key Accomplishment Highlights

Emaar's recorded half-year 2023 revenues of AED 12.3 billion (US$ 3.3 billion) with net profit growing by 15% compared to same period last year, reaching to AED 4.9 billion (US$ 1.3 billion). The consistent performance was driven by the growth in tourism, retail sales, and sustained real estate demand in Dubai.

Emaar's focus on improving profit margins and operational efficiencies resulted in achieving higher EBITDA, which grew by 5% to AED 6.4 billion (US$ 1.7 billion) compared to H1 2022.

Emaar achieved H1 2023 group property sales of AED 20.2 billion (US$ 5.5 billion), a 14% YoY growth.

Supported by incremental property sales, the company's revenue backlog from property sales reached AED 62.8 billion (US$ 17.1 billion) as of 30th June 2023. This backlog represents future revenue from property sales to be recognised over the next