Emaar records 42% increase in revenue in first nine months of 2023
Group property sales reached AED 31.1 billion (US$ 8.5 billion), up 16% year-over-year
Emaar Properties PJSC, the global property developer, has announced its financial results for the first nine months of 2023, showcasing a trajectory of strong growth and operational excellence.
The company’s diverse portfolio, encompassing real estate, retail, and leisure, has delivered impressive results with significant year-over-year increases including an impressive AED 18.4 billion (US$ 5.0 billion) in revenues, with a net profit of AED 8.2 billion (US$ 2.2 billion), marking a 42% increase compared to the same period last year. This robust performance is attributed to a surge in tourism, higher retail sales, and a rising demand in real estate. Emaar’s EBITDA also saw a 29% increase, reaching AED 10.8 billion (US$ 2.9 billion).
The company’s group property sales reached AED 31.1 billion (US$ 8.5 billion), up 16% year-over-year. The revenue backlog from property sales stood at a staggering AED 69.5 billion (US$ 18.9 billion) as of September 30, 2023, indicating a strong future revenue stream.
Mohamed Alabbar, the Founder of Emaar, commented on the results, “Our sustained growth and operational excellence highlight Emaar’s commitment to innovation and customer satisfaction. The surge in tourism and our new attractions, like the Dubai Mall Chinatown, have contributed significantly to our success.”
Emaar Development PJSC (DFM: EMAARDEV) reported strong sales momentum in Dubai’s property market, with sales of AED 28.9 billion (US$ 7.9 billion), reflecting a 25% increase over the previous year. The company’s revenue backlog in the UAE has risen by over 60%, promising enhanced future revenues.
In retail, Emaar’s malls and commercial leasing operations reported revenues of AED 4.3 billion (US$ 1.2 billion), a 36% increase over the previous year. The Dubai Mall’s new extension, Dubai Mall Chinatown, has further solidified Emaar’s position in the retail sector.
Emaar’s international real estate operations, particularly in Egypt and India, contributed AED 2.1 billion (US$ 572 million) in revenues, accounting for over 11% of the total revenue. The hospitality sector also saw a rise, with revenues of AED 2.5 billion (US$ 681 million), driven by the recovery in tourism and strong domestic spending.
Emaar’s recurring revenue-generating portfolio, which includes malls, hospitality, and commercial leasing, generated revenues of AED 6.8 billion (US$ 1.9 billion), representing 37% of the total revenue and showing a 26% increase from the previous year.
