Emaar’s 9-month property sales climb to Dh26.9 billion

Emaar’s 9-month property sales climb to Dh26.9 billion

EBITDA and net profit in first nine-month of 2022 increased by 47 per cent and 124 per cent, respectively

Tourists take a ride in Abra in front of Burj Khalifa downtown. — File photo

Published: Mon 14 Nov 2022, 6:53 PM

Emaar Properties on Monday announced continued growth in the first nine-month profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses

In a statement, the Dubai-based property giant said it recorded revenue during the January-September 2022 amounting to Dh18.9 billion ($5.1 billion) supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses.

“EBITDA and net profit in first nine-month of 2022 increased by 47 per cent and 124 per cent, respectively, to Dh8.4 billion ($2.3 billion) and Dh5.8 billion ($1.6 billion), respectively, as compared to same period last year due to sustained revenue, improved margins and greater control on costs,” according to the statement.

EBITDA and net profit for July-September 2022 quarter increased by 12 per cent and 46 per cent respectively, to Dh2.3 billion ($626 million) and Dh1.5 billion ($408 million), respectively, compared to similar period last year, it added.

New projects launched

Emaar successfully launched many projects both in the UAE and international markets.