UAE News Today : Business

Emaar records a 43% increase in net profit in the nine months of 2023

Emaar Development PJSC It also maintained its momentum in property sales in the third quarter (July to September) of 2023.

The company’s property sales increased by 25%, reaching AED 28.9 billion (US$7.9 billion) in the first nine months (January to September) of 2023, compared to 23, AED 2 billion (US$6.3 billion) for the same period in 2022. The performance is attributed to 20 successful new project launches across various master plans, creating a foundation for future revenue.

Emaar revealed Palmiera, the latest lifestyle destination to launch within The Oasis. Palmiera offers a unique combination of modern living within the luxury of The Oasis. With an estimated development value of around ~$20 billion for the entire project, The Oasis is distinguished by iconic architectural masterpieces by world-renowned architects and interiors designed by famous international designers. In line with Emaar’s promise of unparalleled quality, The Oasis features over 7,000 residential spaces, predominantly spacious mansions and villas, adorned with stunning views of water canals, lakes and greenery.

In the first nine months of 2023 (January to September), Emaar Development reported EBITDA of AED 4.5 billion (US$1.2 billion) and net profit of AED 4.1 billion (US$1.1 billion), up 36% and 43% compared to the same period in 2022, respectively.

Emaar Development has a sales pipeline of AED 59.6 billion (US$16.2 billion), which will be recognized as revenue in the coming years.

Mohamed Alabbar, founder of Emaarcommented:

“Our sustained performance in the third quarter is a testament to Emaar Development’s dedication to excellence and its deep knowledge of the market. The upward trend in our sales portfolio is indicative of the unwavering trust that our customers place in our endeavors. “It is a reaffirmation that our developments continue to resonate with market aspirations.”

“These milestones not only position Emaar Development at the forefront of the industry, but also reinforce our commitment to constantly improving value for our loyal shareholders.”

He concluded.

In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina and Emaar South. Emaar has delivered over 66,000 residential units as of September 2023, and there are currently over 27,000 residences under development in the UAE.

News source: Emirates News Agency

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