Dubai – Mubasher: Emaar Properties logged net profits worth AED 6.83 billion ($1.90 billion) in 2022, an annual leap of 80% from AED 3.80 billion, according to the preliminary financial results.

The revenues plummeted to AED 24.92 billion ($6.80 billion) last year, versus AED 27.89 billion in the 12-month period that ended on 31 December 2021.

Earnings per share (EPS) jumped to AED 0.83 in 2022 from AED 0.52 in 2021, while the total assets hiked to AED 132.58 billion from AED 120.61 billion.

The property sales hit AED 35.10 billion ($9.50 billion) as of 31 December 2022, whereas the backlog of property sales reached AED 53.20 billion ($14.50 billion), which will be registered as revenues in the coming years.

Mohamed Alabbar, Founder of Emaar Properties, commented: "Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company's operations over the past year, thanks to the strategic measures taken over the past two years.”

Alabbar noted: “Given these remarkable outcomes, we expect to see a strong performance by our shopping centers, hotels, and property sales in 2023."

Last year, the UAE-based firm concluded the acquisition of Dubai Creek Harbour at a total value of AED 7.50 billion ($2 billion).

In the first nine months (9M) of 2022, the net profits attributable to the owners of Emaar Properties hiked by 125% to AED 5.79 billion from AED 2.57 billion in 9M-21.