Dubai: Emaar Development posted a 43 per cent increase in net profit to Dh4.1 billion for the first nine months of 2023, with earnings boosted by a 25 per cent increase in property sales.
Emaar Development, owned by Emaar Properties, saw its property sales reach Dh28.9 billion in the first nine months of 2023, compared to Dh23.2 billion during the same period in 2022.
The property developer attributed the growth to launches of 20 new projects, while adding that this is "creating a foundation for future revenue." Also, it reported a sales backlog of Dh59.6 billion, which will be recognised as revenue in the coming years.
Mohamed Alabbar, founder of Emaar, said: "The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It's a reaffirmation that our developments continue to resonate with the market's aspirations."
In the first nine months of 2023, Emaar’s shopping malls, retail, and commercial leasing operations reported a revenue of Dh4.3 billion (US$ 1.2 billion). Emaar’s hospitality, leisure, and entertainment divisions recorded Dh2.5 billion (US$ 681 million) in revenues, achieving 22 per cent growth compared YoY.
In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina and Emaar South. Emaar has delivered over 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.