2023-11-09 19:00:00
Emaar Properties achieved strong financial results during the first nine months of this year, recording revenues of 18.4 billion dirhams, while net profits amounted to 8.2 billion dirhams, a growth of 42%, compared to the same period last year. The company reported that it achieved growth in profits before deducting taxes, interest and depreciation, an increase of 29%, reaching 10.8 billion dirhams in the first nine months of 2023, with a performance that significantly exceeded the performance recorded by the company in the same period of 2022. The company recorded real estate sales. With a value of 31.1 billion dirhams, an increase in growth of 16%, compared to the first nine months of last year, supported by strong real estate sales witnessed.
The accumulated sales volume from real estate projects reached 69.5 billion dirhams, which will be recorded as revenues during the coming years. The founder of Emaar, Mohammed Al Abbar, said: “Our results are a testament to Emaar’s constant pursuit of excellence and innovation. With the continued prosperity in the tourism sector, the launch of new landmarks such as (Chinatown) in (Dubai Mall), and the positive approach in our real estate sales, we consolidate Our commitment to all our customers, and the improvement of our credit rating reflects our successful investments.” He added: “As we approach the end of the year, we renew our confidence and focus on enhancing our operational efficiencies and providing greater value to our customers and stakeholders.” In addition, Emaar’s operations for managing malls, retail and commercial leasing recorded revenues amounting to 4.3 billion dirhams during the first nine months of 2023. The portfolio achieved earnings before interest, taxes and depreciation of 3.6 billion dirhams, representing an increase of 36% compared to the period. Same from 2022.
Emaar’s hospitality, entertainment, entertainment and commercial leasing business also recorded revenues of 2.5 billion dirhams during the first nine months of 2023, a growth of 22%, compared to the same period in 2022.
This performance comes as a result of the continued recovery in the tourism sector and the increase in the proportion of local spending, as hotels affiliated with “Emaar Hospitality” in the Emirates, including hotels managed by it, achieved an average occupancy of 70% during the first half of 2023.
29 billion dirhams in sales of “Emaar Development”
Emaar Development Company, in which Emaar Properties has a majority stake, maintained the momentum of rising real estate sales in the third quarter of 2023, as the company’s sales increased by 25%, with the total value of sales reaching 28.9 billion dirhams in the first nine months. This year, compared to 23.2 billion dirhams in the same period in 2022.
This performance came as a result of Emaar’s successful launch of 20 real estate projects in a number of its major urban communities.
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