Dubai: Emaar Properties reported revenue of Dh6.3 billion in the first quarter of 2023, supported by increased tourism, retail sales and demand for real estate projects in Dubai.
During the period, Emaar’s group property sales reached Dh9.2 billion, an 11 per cent increase compared to the year-ago period, the company said on Thursday, while revenue backlog from property sales increased to Dh55.7 billion, to be recognised as revenue in the coming years.
EBITDA and net profit stood at Dh4 billion and Dh3.2 billion, respectively, an increase of 26 per cent and 43 per cent, respectively, compared to the same period a year ago.
Mohamed Alabbar, Founder of Emaar, said: “Emaar’s financial performance during the first quarter demonstrates our capability to continually enhance our performance through effective management of its operational efficiencies. As a direct consequence of our enhanced capacity to scale our operations, we have seen both an increase in EBITDA and a widening of margins. Owing to Emaar’s unwavering commitment to innovation, talent and operational excellence, the company is in a position to increase sales, lift profitability, and drive customers happiness and shareholders value.”
Emaar Development
Emaar Development, majority-owned by Emaar Properties, recorded robust property sales with a 26 per cent increase to Dh8.603 billion in Q1 2023 compared to Dh6.843 billion in Q1 2022.
The company successfully launched seven projects during the first quarter of 2023, Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, Anya and Anya 2 in Arabian Ranches III.
Other operations
During the first quarter of 2023, international real estate operations of Emaar achieved property sales of Dh627 million and generated revenue of Dh420 million, representing 7 per cent of Emaar’s overall revenue.
Shopping mall, retail and commercial leasing operations saw a 7 per cent increase in revenue for Q1 2023 compared to the same period in the prior year, reaching Dh1.4 billion.
Emaar’s hospitality, leisure and entertainment businesses recorded a revenue of Dh884 million, up 17 per cent.
