Emaar Properties reported a continued rise in the first nine-month profitability on Monday, supported by strong real estate sales and improvements in the performance of businesses that generate recurring revenue.
The property tycoon with headquarters in Dubai said in a statement that it earned Dh18.9 billion ($5.1 billion) in revenue between January and September 2022, underpinned by the strengthening Dubai real estate market and the ongoing expansion of its recurring revenue businesses.
“EBITDA and net profit in the first nine-month of 2022 increased by 47 percent and 124 percent, respectively, to Dh8.4 billion ($2.3 billion) and Dh5.8 billion ($1.6 billion), respectively, as compared to the same period last year due to sustained revenue, improved margins and greater control on costs,” according to the statement.
Comparing the July–September 2022 quarter to the same time in the previous year, EBITDA and net profit climbed by 11% and 46%, respectively, to Dh2.3 billion ($626 million) and Dh1.5 billion ($408 million).