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Emaar Properties Shows Revenue Surge During the Dubai Real Estate Growth

Emaar Properties Shows Revenue Surge During the Dubai Real Estate Growth

Emaar Properties, who is a leading Emirati developer, has announced revenue of AED 18.9B (USD 5.1B) for the first nine months of the year. With the growth of the real estate market in Dubai, a 47% increase in operating profit has been seen, reaching AED 8.4B (USD 2.3B) in comparison to the same period during the previous year.
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Published November 22, 2022
The net profit of the company has increased by 124% up to AED 5.8B (USD 1.6B), which can be explained by sustained revenue, growing margins, as well as greater control on costs. On the three-month period results, Emaar Properties showed the operating and net profit growth by 12% and 46% reaching AED 2.3B (USD 626M) and AED 1.5B (USD 408M), in comparison with the same period in the previous year.

Emaar Properties has launched a great number of projects in the UAE and abroad. New launches and demand for off-plan properties among buyers have led to the record – the company showed the highest ever group property sales of AED 26.9B (USD 7.3B) from January to September 2022.

The company has announced strategic transactions in Q3 2022 which will reinforce the strategy of the company, as well as provide shareholder benefits and long-term financial return. This includes the purchase of Dubai Creek Harbour for AED 7.5B (USD 2B) to be paid in cash and shares of Emaar Properties, as well as the sale of Namshi to Noon for AED 1.2B (USD 335M) which is AED 127M (USD 35M) higher than the total investment in Namshi.
Emaar Development has shown nine months of property sales totalling AED 23.2B (USD 6.3B), with a revenue of AED 9.3B (USD 2.5B) and EBITDA of AED 3.3B (USD 898M). Emaar International has recorded property sales of AED 3.7B (USD 1B) for the year with a revenue of AED 3.2B (USD 87N), which is 17% of the total company’s revenue. The highest number has been seen in the hospitality, leisure and entertainment sector with a growth of 78% and a revenue of AED 2.4B (USD 653M).