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Leading property developer Emaar delivered solid first-quarter results, with its profit surging 43 percent from a year earlier to AED3.2 billion ($873 million), while its revenue soared to AED6.3 billion ( 1.7 billion), mainly due to the increase in demand for tourism, retail sales and real estate projects in Dubai.
Announcing results for the first three months to March 31, 2023, Emaar said its Ebitda reached AED4 billion ($1.1 billion), up 23% from last year, thanks to its strong property sales and operational excellence.
In the first quarter, Emaar’s group real estate sales reached AED9.2 billion (US$2.5 billion), an 11 percent increase over the previous year. Emaar’s backlog of revenue from property sales rose to AED 55.7 billion (US$ 15.2 billion), which will be recognized as revenue in the coming years.
Commenting on the strong first quarter results, Founder Mohamed Alabbar said: “Emaar’s first quarter financial results demonstrate our ability to continuously improve performance through effective management of its operational efficiencies. As a direct result of our increased ability to scale our business, We saw an increase in Ebitda and an expansion of margins.”
“Thanks to Emaar’s strong commitment to innovation, people and operational excellence, the company was able to increase sales, improve profitability and drive customer happiness and shareholder value,” he said.
Emaar’s holding subsidiary, Emaar Development, recorded real estate sales of AED8.6 billion (US$2.3 billion) in the first quarter of 2023, a 26 percent increase compared to the first quarter of 2022.
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