Revenue surges by a significant 25%, reaching 19 billion dirhams in the January-June 2023 timeframe.
During the initial six months of 2023, Emaar Development, the real estate development arm of Emaar Properties, announced a net profit of 2.2 billion dirhams, which mirrors its performance from the corresponding period in the previous year. Additionally, it disclosed an EBITDA of 2.3 billion dirhams for the January-June 2023 duration.
The company experienced a robust 25% growth in property sales, achieving 19 billion dirhams during the initial half of 2023, compared to 15.2 billion dirhams in the same period of 2022, propelled by the introduction of 16 new projects across various master plans.
In June, Emaar unveiled "The Oasis by Emaar," a massive development valued at $20 billion in Dubai, encompassing an expansive land area exceeding 100 million square feet (9.4 million square meters). The Oasis features a selection of over 7,000 residential units with a focus on spacious mansions and villas, accompanied by large plots.
Emaar Development has a sales backlog of Dh53.2 billion, which will be recognised as revenue in the coming years.
“Emaar Development's sales and operational efficiencies have contributed to positive results, allowing us to achieve another quarter of solid sales growth. The notable growth in our backlog indicates a healthy demand in our key markets and affirms the positive returns from our investments in major products,” said Mohamed Alabbar, the founder of Emaar.
In the first half of 2023, Emaar Development delivered approximately 5,100 residential units in Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Dubai Marina and Emaar South. Emaar has delivered over 63,000 residential units as of June 2023, with over 28,000 residences currently under development in the UAE.
News Source: Khaleej Times