Emaar Properties announced that its property sales had continued to rise, its profitability had increased, and its performance in the recurring revenue industries had significantly improved in 2022.
The majority of the AED 35.1 billion (US$ 9.5 billion) in group property sales for Emaar in 2022 came from the debut of new projects. Emaar now has AED 53.2 billion ($14.5 billion) in the backlog for property sales, which will be recognized as revenue in the upcoming years.
Emaar reported revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, bolstered by the ongoing expansion of the recurring revenue companies brought about by the recovery of international tourism.
Due to consistent revenue, higher margins, and ongoing cost reduction, EBITDA and net profit for 2022 climbed by 18% and 80%, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion).
Emaar successfully acquired Dubai Creek Harbour in 2022 for a total of AED 7.5 billion (US$ 2 billion).
Mohamed Alabbar, Founder of Emaar, said, “After a successful 2022, we are very pleased with our accomplishments. Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years. Given these remarkable outcomes, we expect to see a strong performance by our shopping centers, hotels, and property sales in 2023, as we continue to deliver cutting-edge projects and unparalleled offerings across all of our business units.”
Both domestic and foreign investors continue to be drawn to Emaar because of its continuing reputation for client-centricity, exceptional design, construction quality, and innovation across all of its market categories.