Listed real estate companies double earnings in 2022

Listed real estate companies double earnings in 2022

ABU DHABI, 16th February, 2023 (WAM) -- The net earnings of listed real estate companies doubled in 2022, aided by the robust growth in the real estate and tourism sectors.

A report by the Emirates News Agency (WAM) based on declared disclosures on financial market websites showed that the net earnings of listed real estate companies increased by 92 percent, totalling AED11.514 billion in 2022, compared to AED6.10 billion in 2021.

The revenues of real estate companies rose by 2 percent or AED57.691 billion in 2022, compared to AED56.572 billion in 2021.

Emaar Properties

Emaar Properties led the way after recording solid revenues totalling AED24.9 billion in 2022, while its net earnings amounted to nearly AED6.8 billion, an 80 percent increase compared to 2021, due to the company’s sustainable earnings, improved profit margins and ongoing cost management measures.

The group’s real estate sales totalled nearly AED35.1 billion after the launch of new projects, while its accumulated sales from real estate projects under development were AED53.2 billion.

Emaar Development, which is owned mostly by Emaar Properties, maintained its strong momentum last year and recorded real estate sales of AED30.7 billion, a rise of 12 percent. It also recorded revenues of AED11.5 billion and achieved earnings before interest,