Dubai: Emaar reported revenue of Dh24.9 billion in 2022, the property developer said on Tuesday, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism.
EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to Dh9.8 billion and Dh6.8 billion compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs, the company said.
The group property sales in 2022 reached Dh35.1 billion, primarily driven by new project launches, while backlog of property sales reached Dh53.2 billion.
In 2022, Emaar completed the acquisition of Dubai Creek Harbour for an overall consideration of Dh7.5 billion.
Mohamed Alabbar, founder of Emaar, said: “After a successful 2022, we are very pleased with our accomplishments. Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years.
“Given these remarkable outcomes, we expect to see strong performance by our shopping centres, hotels, and property sales in 2023, as we continue to deliver cutting-edge projects and unparalleled offerings across all of our business units.”
Emaar Development PISC maintained strong property sales momentum in Dubai in 2022, recording Dh30.7 billion in property sales, a 12 per cent increase over 2021. Emaar Development reported Dh11.5 billion in revenue and Dh4.2 billion in EBITDA.
Emaar’s international real estate operations recorded Dh4.3 billion in property sales and Dh4.2 billion in revenue, representing 17 per cent of Emaar’s total revenue.