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Abu Dhabi: Net profits of listed real estate companies to double by 2022 thanks to strong growth in real estate and tourism.
Net profits of listed real estate companies will rise by 92 percent in 2022 to total AED11.514 billion, compared to AED6.1 billion in 2021, according to a report by the Emirates News Agency (WAM), based on disclosures published on the financial market website. .
Revenues of real estate companies increased by 2% or AED 57.691 billion in 2022 compared to AED 56.572 billion in 2021.
Emaar Properties
Emaar Properties led the way after recording solid revenue totaling AED 24.9 billion in 2022, while its net income was close to AED 6.8 billion, an 80% increase over 2021, thanks to the company’s sustainable earnings, improved margins and Ongoing cost management measures.
Following the launch of new projects, the group’s property sales totaled nearly AED 35.1 billion, while the cumulative sales of property projects under construction stood at AED 53.2 billion.
Emaar Development, largely owned by Emaar Properties, maintained its momentum last year, with property sales reaching AED30.7 billion, up 12%. It also recorded revenue of AED 11.5 billion and achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of AED 4.2 billion.
Arda attributes
In 2022, Aldar Properties delivered record earnings on the back of solid operating performance and substantial capital investment. The company’s net profit in 2022 will increase by 35% year-on-year to AED 3.1 billion, revenue will increase by 31% to AED 11.2 billion, and total revenue will increase by AED 4.7 billion. Its EBITDA was approximately AED 3.7 billion, an increase of 32% compared to last year.
The company also had a record year in development and project sales, aided by strong demand from residents and investors, as well as new project launches and contributions in Abu Dhabi, while achieving an all-time high of AED 14.4 billion Mu’s annual sales come from Egypt.
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