UAE’s real estate developer Emaar Properties recorded revenue during the first nine months of 2022 (“9M 2022”) amounting to 18.9 billion dirhams ($5.1 billion).
The growth was underpinned by robust property sales and growth in the performance of recurring revenue businesses. It was also supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses.
EBITDA and net profit of 9M 2022 increased by 47 percent and 124 percent respectively to 8.4 billion dirhams ($2.3 billion) and 5.8 billion dirhams ($1.6 billion) respectively as compared to 9M 2021, as a result of sustained revenue, improved margins and greater control on costs.
EBITDA and net profit for Q3 2022 increased by 12 percent and 46 percent respectively to 2.3 billion dirhams ($626 million) and 1.5 billion ($408 million), respectively, compared to a similar period during last year.
Emaar successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on the sale of units in under-construction projects, Emaar has recorded the highest-ever group property sales of 26.9 billion dirhams ($7.3 billion) during 9M 2022. The property sales backlog of Emaar reached 51.9 billion dirhams ($14.1 billion), which will be recognized as revenue in the coming years.
Emaar has also announced notable strategic transactions in the third quarter which reinforce the company’s strategy to focus on core pillars of the business and provide sustained long-term financial return and shareholder benefits.
Read more: Emaar shareholders approve the acquisition of Dubai Creek Harbour, sale of Namshi
The proposal to purchase Dubai Creek Harbour for an overall consideration of 7.5 billion dirhams ($2 billion), to be paid equally in cash and shares of Emaar Properties, was approved by the Board of Directors as well as the shareholders in the general meeting.