Emaar Properties shares up 42 % , to Dh8.2 billion, sales at 31.1 billion | Gulf News

In early 2023, Emaar Properties Corporation announced strong financial results, thanks to sustained growth and success in all sectors of its operations. For the first nine months of 2023, Emaar Properties generated revenue of AED 18.4 billion (US$5 billion) and net profit of AED 8.2 billion (US$2.2 billion), representing a 42% growth compared to the same period last year.

The company's strong performance was attributed to growth in the tourism sector, higher sales in retail and increased demand for real estate in Dubai. Emaar Properties also achieved a 29% growth in profit before tax, interest and expenses, which amounted to AED10.8 billion (US$2.9 billion) for the first nine months of 2023, significantly higher than the results of the same period in 2022.

With an increase of 16% compared to the first nine months of last year, Emaar Properties sold properties worth AED31.1 billion (US$8.5 billion) in the beginning of 2023. The successful real estate sales generated total sales of AED 69.5 billion (US$18.9 billion), which will be reflected in revenues in the coming years.

Emaar is realizing strong sales flows in the Dubai real estate market in the third quarter of 2023. Successfully launched 20 new projects in major integrated entertainment and shopping centers, resulting in property sales worth AED28.9 billion (USD7.9 billion) in the first nine months of the year, up 25% from the same time last year.

Emaar Properties also performed well in the shopping center management, retail and commercial leasing sectors. In the first nine months of 2023, total revenue from these operations amounted to AED 4.3 billion (USD 1.2 billion) and net profit amounted to AED 3.6 billion (USD 980 million), up 36% year-on-year.

In September 2023, a new mall, Dubai Mall, opened with an addition called China Town Dubai Mall. This new addition, combining elements of shopping, culture and authentic oriental ambience, will further enhance the mall's appeal as well as strengthen strategic economic ties between the UAE and China.

In its international operations, Emaar International sold AED 2.2 billion (US$599 million) worth of real estate and generated revenue of AED 2.1 billion (US$572 million) in the first nine months of 2023. These results are based primarily on the company's operations in Egypt and India, with revenues from international operations accounting for 11% of Emaar's total revenue.

In the first nine months of 2023, Emaar's hotel, entertainment and rental business managed to generate revenue of AED 2.5 billion (USD 681 million), up 22% year-on-year, driven by the continued recovery of the tourism industry and increased local consumption. Emaar hotels managed to achieve an average occupancy rate of 70% in the first half of 2023.

In the first nine months of 2023, Emaar's financial results showed a 26% year-on-year increase in recurring revenues (after excluding Namshi, sold in February 2023). Recurring revenues, including mall, hotel, entertainment, rental business, totaled AED 6.8 billion (US$1.9 billion) in the first nine months of 2023, accounting for 37% of Emaar's total revenues.