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Emaar Development’s property sales jump 25% in 9M-23; profits cross AED 4bn

Emaar Development’s property sales jump 25% in 9M-23; profits cross AED 4bn
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Emaar Development
EMAARDEV
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Dubai – Mubasher: Emaar Development logged 25% higher property sales at AED 28.90 billion ($7.90 billion) in the first nine months (9M) of 2023, compared to AED 23.20 billion ($6.30 billion) in 9M-22.

This solid performance is attributed to the launch of 20 new projects across various master plans, according to a press release.

In the January-September 2023 period, Emaar Development registered an annual jump of 36% in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to AED 4.5 billion ($1.20 billion).

Net profits hiked by 43% year-on-year (YoY) to AED 4.10 billion ($1.10 billion) in 9M-23.

Emaar Development posted a sales backlog standing at AED 59.60 billion ($16.20 billion) as of 30 September 2023, which will be recognised as revenue in the coming years.

Mohamed Alabbar, Founder of Emaar, commented: "Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders.”

During the first half (H1) of 2023, the DFM-listed company witnessed 1% lower net profits at AED 2.17 billion, compared to AED 2.19 billion in H1-22.