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Revenue growth driven by a 17.5% growth in volume and a 5.1% increase in pricing
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Emaar Development property sales jump 22% to Dh37.4 billion in 2023
The company reported a net profit of Dh6.6 billion last year, with a 74% increase from 2022
Emaar Development, a majority-owned subsidiary of Emaar Properties, said property sales in 2023 jumped 22 per cent to Dh37.4 billion compared to Dh30.7 billion ($8.4 billion) in 2022 following 27 new projects launched across various master plans.
In 2023, Emaar Development reported an Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Dh8 billion and net profit of Dh6.6 billion, an increase of 89 per cent and 74 per cent compared to 2022, respectively.
It now has a sales backlog of Dh57.1 billion, which will be recognised as revenue in the coming years.
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"Emaar's consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments. Our commitment to excellence resonates with our clientele, reinforcing their confidence in our brand. Emaar's robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success," said Mohamed Alabbar, founder of Emaar.
During 2023, it delivered over 12,000 residential units across Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley. As of December 2023, Emaar delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.
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In Q4 2023, Emaar Development unveiled Address Residences Al Marjan Island in Ras Al Khaimah.
Earlier in 2023, Emaar revealed The Oasis by Emaar, one of Dubai's largest developments. Covering a total land area of more than 100 million square feet (9.4 million square metres) and with a total development value of $20 billion, The Oasis by Emaar will have over 7,000 residential units focusing on large mansions and villas with spacious plots, providing residents with stunning views of water canals, lakes, and parks.
waheedabbas@khaleejtimes.com
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