2023-08-10 20:02:19
Emaar Properties achieved net profits in the first half of this year of about 4.9 billion dirhams, a growth of 15%, compared to 4.3 billion dirhams in the first half of 2022. The company recorded revenues in the first half of about 12.3 billion dirhams, down 10%.
The company confirmed in a statement yesterday that its focus on improving profit margins and raising the level of operational efficiency led to achieving, during this period, a growth in profits before tax, interest and depreciation, as it amounted to 6.4 billion dirhams, an increase of 5%, compared to the first half of the year. 2022.
The company achieved real estate sales in the first half amounting to 20.2 billion dirhams, an increase of 14%, compared to the first half of last year. The cumulative sales volume of real estate projects amounted to 62.8 billion dirhams, which will be recorded as revenues in the coming years.
The company achieved a 43% growth in profits for the first quarter at 3.2 billion dirhams, supported by the completion of the sale of “Namshi” for 1.2 billion dirhams. Sales in the first quarter amounted to 9.2 billion dirhams, and revenues for the first quarter amounted to 6.3 billion dirhams, down 5%.
The founder of Emaar, Mohamed Alabbar, said: “Emaar’s recent performance reflects our continued commitment to growth and sustainable profit, as well as our focus on meeting the needs of all our customers. Our investments have yielded strong returns, driven by our steady growth and improvement of our operations, and we are confident in our ability to continue implementing our business strategy and meeting our customers’ demands with the same level of success in the next half of this year.”
In the first half, Emaar Development recorded real estate sales of 19 billion dirhams, an increase of 25%, compared to the first half of 2022. Emaar’s revenues from developing real estate for sale in the UAE amounted to 6.3 billion dirhams in the first half, as it successfully launched 16 new projects in Country.
Shopping centres, retail assets and commercial leasing recorded a growth in revenues during the first half by 8%, compared to the same period last year, to reach 3.1 billion dirhams. During the same period, the portfolio achieved EBITDA of 3.2 billion dirhams, an increase of 77% over the first half of 2022.
This success is attributed to the strong tenant sales, which increased by approximately 30%, compared to the first half of 2022, and the main shopping center assets of Emaar Shopping Centers Management Company achieved an impressive occupancy rate of about 96%.
In the first half, real estate operations of Emaar International recorded real estate sales amounting to 1.2 billion dirhams, and revenues totaling 1.3 billion dirhams. These results were mainly driven by the company’s operations in Egypt and India, knowing that the revenues from international real estate operations constitute 11% of Emaar’s total revenues.
In the first half, Emaar’s hospitality, leisure, entertainment and commercial leasing business recorded revenues of 1.6 billion dirhams, a growth of 18%, compared to the same period in 2022. This performance comes as a result of the continuous recovery in the tourism sector, and the increase in the proportion of domestic spending, as the affiliated hotels achieved Emaar Hospitality in the UAE – including hotels managed by it – averaged 70% occupancy in the first half. During this period, Emaar also announced the opening of its latest hotel: The Address Jabal Omar in Makkah, which includes about 1,500 rooms and is located in the center of Makkah Al-Mukarramah.
Diversified portfolio
Emaar’s diversified portfolio of businesses with recurring returns, including shopping malls, hospitality, entertainment, entertainment and leasing, collectively recorded an increase in its revenues by 11%, compared to the first half of 2022, when it amounted to 4.7 billion dirhams ($ 1.3 billion). Business 8% of the total revenues of Emaar.
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