Dubai – Mubasher: Emaar Properties generated net profits attributable to the shareholders worth AED 3.20 billion in the first quarter (Q1) of 2023, higher than AED 2.23 billion in Q1-22.

Revenues enlarged to AED 6.29 billion during the first three months (3M) of 2023, versus AED 6.63 billion in the year-ago period, according to the interim consolidated income statements.

The basic and diluted earnings per share (EPS) attributable to the owners amounted to AED 0.36 in Q1-23, versus AED 0.27 during the January-March 2022 period.

Total assets widened to AED 133.22 billion in Q1-23 from AED 132.36 billion as of 31 December 2022.

Mohamed Alabbar, Founder of Emaar, highlighted: "As a direct consequence of our enhanced capacity to scale our operations, we have seen both an increase in [earnings before interest, taxes, depreciation, and amortization]EBITDA and a widening of margins.”

“Owing to Emaar's unwavering commitment to innovation, talent, and operational excellence, the company is in a position to increase sales, lift profitability, and drive customers' happiness and shareholders' value,” Alabbar continued.

In 2022, the net profits of the DFM-listed firm hiked by 80% year-on-year (YoY) to AED 6.83 billion ($1.90 billion) from AED 3.80 billion.