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Saturday, March 2, 2024

Emaar Achieves a 43% Surge in Net Profit, Reaching Dh4.1 Billion in the Initial Nine Months of 2023

Emaar Development PJSC announces a robust 25% increase in property sales, reaching Dh28.9 billion ($7.9 billion) for the first nine months of 2023, a significant rise from Dh23.2 billion ($6.3 billion) during the same period in 2022.

Project Launch Success

The company attributes its success to the triumphant launch of 20 new projects across various master plans, laying a solid foundation for future revenue streams.

Palmiera Unveiled: Emaar

Emaar introduces Palmiera, the latest lifestyle destination within The Oasis, with an estimated development value of around $20 billion for the entire project. The Oasis presents over 7,000 residential spaces, featuring expansive mansions and villas with stunning views of water channels, lakes, and greenery.

Financial Milestones

In the first nine months of 2023, Emaar Development reports an Ebitda of Dh4.5 billion ($1.2 billion) and a net profit of Dh4.1 billion ($1.1 billion), marking a substantial 36% and 43% increase compared to the same period in 2022.

Sales Backlog and Future Revenue

Emaar Development holds a sales backlog of Dh59.6 billion ($16.2 billion), poised to be recognized as revenue in the upcoming years.

Founder’s Perspective: Emaar

Mohamed Alabbar, Founder of Emaar, emphasizes the company’s dedication to excellence and keen market insight, expressing confidence in the unwavering trust clients place in their ventures.

Project Deliveries and Developments

In the first nine months of 2023, Emaar Development successfully delivered over 7,800 residential units in prime locations, contributing to a cumulative total of 66,000 delivered units as of September 2023. Currently, over 27,000 residences are under development in the UAE.

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