Dubai – Mubasher: Emaar Development generated net profits attributable to the shareholders worth AED 1.058 billion in the first quarter (Q1) of 2023, up from AED 1.050 billion in Q1-22.

The DFM-listed firm posted revenues valued at AED 2.37 billion as of 31 March 2023, versus AED 3.56 billion in the year-ago period, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) attributable to the owners hit AED 0.26 in Q1-23, unchanged from Q1-22.

During the first three months (3M) of 2023, Emaar Development witnessed a 26% year-on-year (YoY) growth in property sales to AED 8.60 billion ($2.34 billion), compared to AED 6.84 billion ($1.86 billion).

Meanwhile, the UAE group holds a sales backlog of AED 45.68 billion ($12.43 billion), which will be registered as revenues in the next years due to robust performance.

Mohamed Alabbar, Founder of Emaar, said: "Emaar Development's sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023.”

“Our backlog demonstrates a healthy market demand across our key markets, and we remain appropriately positioned to deliver constant growth and sustained value for our shareholders," Alabbar continued.

Last year, the company’s net profits jumped by 17% to AED 3.80 billion from AED 3.24 billion in 2021.