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Emaar Properties generates AED 18.4bn revenues in 9M-23; profits surge 42%

Emaar Properties generates AED 18.4bn revenues in 9M-23; profits surge 42%
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Dubai – Mubasher: Emaar Properties reported revenues totalling AED 18.40 billion ($500 million) in the first nine months (9M) of 2023, according to financial results.

Net profits amounted to AED 8.20 billion ($2.20 billion) in 9M-23, marking a 42% year-on-year (YoY) hike.

The positive performance was driven by a growth in tourism, higher retail sales, and a rise in real estate demand.

Emaar also recorded a 29% YoY jump in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to AED 10.80 billion ($2.90 billion) during the nine-month period that ended on 30 September 2023.

Moreover, the group’s property sales increased by 16% YoY to AED 31.10 billion ($8.50 billion) in 9M-23.

Backed by incremental property sales, the company's revenue backlog from property sales hit AED 69.50 billion ($18.90 billion) as of 30 September 2023.

Mohamed Alabbar, Founder of Emaar, said: "Our financial performance, underscored by recent credit rating upgrades, reflects our strategic investments and their ensuing returns.

"As we approach the year's end, we remain confident and focused on further enhancing our operational efficiencies, thereby delivering even more value to our customers and stakeholders," Alabbar continued.

In the first half (H1) of 2023, the company’s net profits surged to AED 4.94 billion from AED 4.30 billion in H1-22.