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Emaar Development registers 17% higher profits in 2022 preliminary results

Emaar Development registers 17% higher profits in 2022 preliminary results
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Emaar Development
EMAARDEV
-1.56% 8.20 -0.13

Dubai – Mubasher: Emaar Development, a 79.16%-owned subsidiary by Emaar Properties, logged net profits worth AED 3.80 billion ($1.03 billion) in 2022, up 17% from AED 3.24 billion in 2021.

The revenues amounted to AED 11.54 billion last year, lower than AED 15.60 billion as of 31 December 2021, according to the unaudited income statements.

Meanwhile, the earnings per share (EPS) increased to AED 0.95 in 2022 from AED 0.81 in 2021, while the total assets enlarged to AED 42.42 billion from AED 36.16 billion.

Emaar Development has currently a sales backlog of AED 41.34 billion ($11.25 billion), which will be included in the company’s revenues during the coming years.

Mohamed Alabbar, Founder of Emaar Properties, said: “Emaar Development continued the trend of increased sales and profitability. Across the board in our portfolio of retail, hospitality, and entertainment, we are seeing demand for the exceptional communities and amenities we deliver.”

“This, aligned with a strong ongoing project launch list has enabled Emaar to maintain an upward trajectory for sales and growth,” Alabbar indicated.

In the first nine months (9M) of 2022, Emaar Development registered AED 2.83 billion in net profits attributable to the shareholders, compared to AED 2.38 billion in the year-ago period.