Emaar Development, a majority-owned subsidiary of Emaar Properties, has reported a notable surge in property sales for the year 2023, registering a 22% increase to reach Dh37.4 billion, as compared to Dh30.7 billion ($8.4 billion) in 2022. This uptick in sales can be attributed to the successful launch of 27 new projects spanning various master plans.
In the fiscal year 2023, Emaar Development achieved an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Dh8 billion, demonstrating an impressive 89% growth, and a net profit of Dh6.6 billion, marking a substantial 74% increase from the previous year.
The company currently boasts a robust sales backlog amounting to Dh57.1 billion, which is slated for recognition as revenue in the forthcoming years.
Emaar’s unwavering commitment to delivering superior residential properties, retail spaces, hospitality, and entertainment environments has consistently contributed to its commendable performance in sales and profitability. The strategic emphasis on excellence has resonated positively with our clientele, fostering confidence in the Emaar brand. Founder Mohamed Alabbar attributes the company’s enduring success to a well-established project pipeline and insightful market perspectives, ensuring a trajectory of sustained growth.
Throughout 2023, Emaar Development successfully handed over more than 12,000 residential units across prominent locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina, and The Valley. As of December 2023, Emaar has delivered over 70,000 residential units, with an additional 25,500 residences currently under development in the UAE.
Publish Feb 8, 2024
Source: https://www.khaleejtimes.com/business/realty/emaar-development-property-sales-jump-22-to-dh37-4-billion-in-2023
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