Dubai – Mubasher: Emaar Development posted a 22% year-on-year (YoY) surge in property sales to AED 37.40 billion ($10.20 billion) during January-December 2023, versus AED 30.70 billion ($8.40 billion).

The DFM-listed firm attributed the solid performance to the 27 launches of new projects across various master plans, which created a foundation for future revenue, according to a press release.

The group reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of AED 8 billion ($2.20 billion) in 2023, marking an annual leap of 89%.

Net profit jumped by 74% YoY to AED 6.60 billion ($1.80 billion) as of 31 December 2023.

Meanwhile, Emaar Development has a sales backlog of AED 57.10 billion ($15.50 billion), which will be recognised as revenue in the coming years.

In the fourth quarter (Q4) of 2023, the UAE-based company rolled out the Address Residences Al Marjan Island in Ras Al Khaimah.

Mohamed Alabbar, Founder of Emaar, commented: "Understanding market trends and delivering high-quality developments are key drivers of this trust.”

“Emaar's robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success," Alabbar added.

In the first nine months (9M) of 2023, Emaar Development registered property sales valued at AED 28.90 billion ($7.90 billion), an annual growth of 25% from AED 23.20 billion ($6.30 billion).