RIYADH: Emaar Development, a subsidiary of Emaar Properties, has announced it achieved property sales of 19 billion UAE dirhams ($5.2 billion) during the first half of 2023, reflecting a growth of 25 percent over the first half of 2022.
The UAE build-to-sell operation reported revenue of 6.3 billion dirhams during the first half of 2023, and successfully launched 16 new projects in the country.
In June, Emaar Development also unveiled its luxury lifestyle destination, The Oasis.
Meanwhile, Emaar Properties has issued its financial results for the first half of 2023, demonstrating consistent performance and operational efficiency across its various businesses, stating that it has recorded half-year 2023 revenues of 12.3 billion dirhams with net profit growing by 15 percent compared to the same period last year, reaching to 4.9 billion dirhams.
According to a press release by the company, the strong performance was driven by the growth in tourism, retail sales, and sustained real estate demand in Dubai.
HIGHLIGHT
The UAE build-to-sell operation reported revenue of 6.3 billion dirhams during the first half of 2023, and successfully launched 16 new projects in the country.
Emaar’s founder Mohamed Al-Abbar said the company’s recent performance reflects its ongoing commitment to sustained profitable growth and its focus on meeting the needs of customers.
“Our investments have resulted in strong returns, driving our growth and improving our operations. We are confident in our ability to continue executing our business strategy and meeting customer demand as we move forward in the year,” Al-Abbar said.
The company said that its focus on improving profit margins and operational efficiencies resulted in achieving higher earnings before interest, taxes, depreciation, and amortisation, which grew by 5 percent to 6.4 billion dirhams compared to the first half of 2022.
The developer’s group property sales amounted to 20.2 billion dirhams, a 14 percent year-to-year growth. The real estate development company added in its statement that its revenue backlog from property sales reached 62.8 billion dirhams, supported by incremental property sales, as of the end of June 2023.
Emaar added that this represents future revenue from property sales to be recognized over the next few years. During the period, Emaar has received credit rating upgrades from major rating agencies, with BBB from S&P and Fitch, while Baa2 from Moody's — all with a stable outlook.
