On Tuesday | 14 Feb. 2023, Emaar group announced latest public report on financial performance of group with outstanding numbers.
Emaar Development, a company that specializes in developing and selling properties and is mostly owned by Emaar Properties, has announced that its property sales have increased by 12% to AED 30.71bn ($8.36bn) compared to AED 27.4bn in 2021.
📈 Key Financial Results
- Revenue: AED 25 billion | USD 6.8 b (11% Increase vs. 2021)
- Gross profit: AED 12.5 b | USD 3.2 b (9% Increase vs. 2021)
- EBITDA: AED 9.8 b | USD 2.6 b (18% Increase vs. 2021)
- Profit margin: AED 8.6 billion | USD 1.8b (80% increase vs. 2021)
- EPS: 0.83 (60% increase vs. 2021)
The growth was attributed to the company’s more than 30 successful property launches that have created a strong revenue pipeline for the future. In 2021, Emaar Development launched 28 projects across various master plans, including Talia, Orania, and Farm Gardens in The Valley, Elie Saab II, Bliss 2, and Raya in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent, Island Park, and The Cove II in Dubai Creek Harbour, St Regis, and The Residence Burj Khalifa in Downtown Dubai, Address The Bay and Beachgate by Address in Emaar Beachfront, Greenview 3 and Fairway Villas in Emaar South, Park Field, Lime Garden, Hills Park, Park Horizon, and Address Hillcrest in Dubai Hills Estate, Marina Shores in Dubai Marina, Golf Heights in Emirates Hills, and Seagate & Seascape in Rashid Yachts & Marina.
Emaar finalized acquisition of Dubai creek region with value of AED 7.5b (USD 2b)
In 2022, Emaar Development reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of AED4.22bn and achieved 17% growth in net profit to AED3.80bn compared to 2021. The company now has a sales backlog of AED41.34bn, which it expects to recognize as revenue in the coming years due to its robust performance.
Emaar Development has delivered over 6,100 residential units in 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. As of December 2022, the company has delivered more than 58,000 residential units and currently has over 27,000 residences under development in the UAE.
Mohamed Alabbar, the founder of Emaar, expressed satisfaction with the company’s upward trajectory for sales and growth, highlighting the demand for the exceptional communities and amenities Emaar delivers.
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