Emaar’s 9-month property sales climb to Dh26.9 billion
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. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of Dh26.9 billion ($7.3 billion) during the first nine months of 2022. Property sales backlog of Emaar reached to Dh51.9 billion ($14.1 billion), which will be recognised as revenue in the coming years.
Emaar has also announced notable strategic transactions in the third quarter which reinforce the company's strategy to focus on core pillars of the business and provide sustained long-term financial return and shareholder benefits.
The proposal to purchase Dubai Creek Harbour for an overall consideration of Dh7.5 billion ($2 billion), to be paid equally in cash and shares of Emaar Properties PJSC, was approved by the board of directors as well as the shareholders in the general meeting.