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Emaar Development’s profits to shareholders hit AED 2.83bn in 9M-22

Emaar Development’s profits to shareholders hit AED 2.83bn in 9M-22
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Emaar Development
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Dubai – Mubasher: The net profits attributable to the owners of Emaar Development reached AED 2.83 billion in the first nine months (9M) of 2022, versus AED 2.38 billion in 9M-21.

Revenues amounted to AED 9.33 billion in the January-September 2022 period, a drop from AED 11.60 billion in 9M-21, according to the financial results.

The basic and diluted earnings per share (EPS) attributable to the equityholders stood at AED 0.71 in 9M-22, compared to AED 0.60 in the year-ago period.

In 9M-22, property sales increased by 11% year-on-year (YoY) to AED 23.16 billion ($6.30 billion) from AED 20.94 billion ($5.70 billion).

During the third quarter (Q3) of 2022, the net profits attributable to the shareholders plunged to AED 647.99 million from AED 871.58 million during the same period in 2021.

The revenues shrank to AED 2.05 billion in Q3-22 from AED 3.84 million in Q3-21, while the basic and diluted EPS attributable to the owners declined to AED 0.16 from AED 0.22.

Meanwhile, the Q3-22 property sales jumped by 12% YoY to AED 7.95 billion ($2.16 billion).

A spokesperson at Emaar Development said that after the positive performance in the first half (H1) of 22, “we have maintained momentum and growth by delivering good sales figures in Q3. Across the board in our portfolio of retail, hospitality, and entertainment, we are seeing demand for the communities, and amenities we deliver.”

In the January-March 2022 period, the DFM-listed firm posted net profits attributable to the equityholders worth AED 1.05 billion, higher by 34% YoY than AED 780.89 million.