Leading property developer Emaar has recorded solid results for the first quarter netting a 43 per cent increase in its profit over last year which soared to 3.2 billion dirhams ($873 million), while its revenue surged to hit 6.3bn dirhams ($1.7bn) mainly on the back of increased tourism, retail sales and demand for real estate projects in Dubai.
Announcing the results for the first three months ended March 31, 2023, Emaar said its ebitda hit 4bn dirhams ($1.1bn), up 23pc over last year, thanks to a good property sales performance and operational excellence across its businesses.
During the first quarter, Emaar’s group property sales reached 9.2bn dirhams ($2.5bn), up 11pc over last year. Emaar’s revenue backlog from property sales increased to 55.7bn dirhams ($15.2bn), which will be recognised as revenue in the coming years.
On the robust Q1 results, Founder Mohamed Alabbar said: “Emaar’s financial performance during the first quarter demonstrates our capability to continually enhance our performance through effective management of its operational efficiencies. As a direct consequence of our enhanced capacity to scale our operations, we have seen both an increase in ebitda and a widening of margins.”
“Owing to Emaar’s unwavering commitment to innovation, talent and operational excellence, the company is in a position to increase sales, lift profitability, and drive customers happiness and shareholders value,” he stated.
Emaar Development, a majority-owned subsidiary of Emaar, has recorded property sales of 8.6bn dirhams ($2.3bn) in the first quarter of 2023, thus posting a growth of 26 per cent compared to the first quarter of 2022.
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