Property News: Emaar Properties Smashes Records
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Emaar Properties Smashes Records: 70% Surge in Profits Signals Dubai’s Real Estate Renaissance!

Posted by osama on February 12, 2024

Emaar Propertiesc

Emaar Properties, Dubai’s largest publicly traded property developer, announced a significant 70% rise in its net profit for the 2023 fiscal year compared to the previous year.

The Zawya News reported revenues of Dh26.7 billion ($7.3 billion) and a net profit of Dh11.6 billion ($3.2 billion) in 2023, marking respective growths of 7% and 70% from the corresponding period in the prior year.

In a statement released on Thursday, Emaar attributed this performance to the expansion of tourism, consistent growth in retail sales, and an ongoing surge in real estate demand.

Property sales surged by 15% to reach Dh40.3 billion ($11 billion), while EBITDA witnessed a remarkable 63% growth, hitting Dh16 billion ($4.4 billion) in 2023 compared to 2022.

Mohamed Alabbar, Emaar’s Founder, expressed satisfaction with the company’s accomplishments in 2023, citing strategic initiatives and improvements in consumer confidence as key factors driving growth, particularly in the real estate and retail sectors.

Alabbar voiced optimism for 2024, anticipating continued success across shopping centers, hotels, and property sales. He reaffirmed the company’s commitment to introducing innovative projects and unmatched offerings across all business segments.

Boosted by property sales in 2023, Emaar reported a revenue backlog of Dh71.8 billion ($19.5 billion) from property sales as of December 31, 2023.

Furthermore, Emaar Development reported revenues of Dh11.9 billion ($3.2 billion) in 2023, with an EBITDA achievement of Dh8 billion ($2.2 billion), marking an impressive 89% growth compared to 2022. The revenue backlog from property sales in the UAE reached Dh62.1 billion ($16.9 billion) as of December 31, 2023, demonstrating a year-on-year growth of approximately 50%.

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