Emaar records 43% increase in net profit to Dh4.1 billion in first nine months of 2023

The company attributed its performance to the 20 successful launches


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Published: Thu 9 Nov 2023, 9:42 PM

Emaar Development PJSC on Wednesday reported that property sales increased by 25 per cent, reaching Dh28.9 billion ($ 7.9 billion) in the first nine months (January to September) of 2023 compared to Dh23.2 billion ($ 6.3 billion) for the same period in 2022.

The company attributed its performance to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.

Emaar revealed Palmiera, the latest lifestyle destination launching within The Oasis, with an estimated development value of around $20 billion for the entire project. The Oasis, presents more than 7,000 residential spaces, predominantly expansive mansions and villas, graced with breathtaking vistas of water channels, lakes, and green.

In the first nine months of 2023 (January to September), Emaar Development reported an Ebitda of Dh4.5 billion ($ 1.2 billion) and net profit of Dh4.1 billion ($ 1.1 billion), an increase of 36 per cent and 43 per cent compared to the same period in 2022, respectively.

Emaar Development has a sales backlog of Dh59.6 billion ($ 16.2 billion), which will be recognised as revenue in the coming years.

Mohamed Alabbar, Founder of Emaar, commented: “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight. The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”

“Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders,” he concluded.

In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina and Emaar South. Emaar has delivered over 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.

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