Emaar group sales hits 2.5bn USD leading Dubai real estate revenue

Asma 1 week ago

Revenue has climbed to 1,7 bn USD, with a net profit of 873 million USD, and there is a backlog of 15.2 bn USD in revenue that will be recognized as revenue in the upcoming years.

Emaar Group acheivements Q1 2023

Emaar Properties announced 2.5 billion USD in sales in the first quarter of 2023 due to the spike in demand for Dubai real estate properties, As the first-quarter sales results are 11% higher than the same period last year, Beside that , the increase in sales helped the company record a 43 percent increase in net profit on 1.7 billion USD in revenue in the January-March quarter of this year.

The company reported an increase in its revenue backlog from property sales to 15.2 billion dollars (55.7 billion AED), which will be acknowledged as revenue in the following years.

Emaar founder Mohamed Alabbar stated that the company has experienced a rise in EBITDA as well as a widening of margins as a direct result of its improved capacity to scale up operations.

He also mentioned "As a result of Emaar's unwavering commitment to innovation, talent, and operational excellence, the company is in a position to increase sales, lift profitability, and drive customer happiness and shareholder value".

Emaar Development Progress in Q1 2023

Emaar said its majority-owned business, Emaar Development, accounted for the majority of its sales in the first quarter ($2.3 billion). When compared to the same period last year, the company's sales performance increased by 26%.

Emaar Development delivered around 1,600 residential units in excellent areas such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, and Emaar Beachfront in the first quarter of 2023.

According to the company, as of March 2023, it had delivered over 59,500 residential units, with over 28,500 dwellings now under construction in the UAE.

Emaar Development's better performance resulted from the successful launch of multiple projects, which provided a healthy income for the future.

Emaar stated that its majority-owned subsidiary started seven projects in the first quarter of 2023. Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, and Anya and Anya 2 in Arabian Ranches III were among those featured.

Emaar International 2023

Emaar International, the group arm in charge of international operations, reached 171 million dollars in property sales and generated 114 million dollars in revenue, accounting for 7% of Emaar's overall income in Q1, 2023.

The corporation stated that its improved worldwide financial results were mostly driven by lucrative operations in Egypt.

Shopping mall, retail, and commercial leasing

The group's shopping mall, retail, and commercial leasing operations witnessed a 7% gain in revenue to $388 million, while its hotel, leisure, and entertainment companies saw a 41 million increase in revenue in Q1 2023, owing to a recovery in the tourist and retail sectors.

This, however, included 191 million dollars from the sale of Namishi, the group's e-commerce operation.