Emaar Development H1 net profit unchanged at Dh2.2 billion. Sales jump 25% to Dh19 billion during January-June 2023 period.
12 August 2023, 12:00 AM
30 September 2023, 12:00 AM
Emaar Development, the property development subsidiary of Emaar Properties, on Thursday said it achieved a net profit of Dh2.2 billion in the first half of 2023, similar to the same period last year.
The company's property sales increased by 25 per cent, reaching Dh19 billion for the first half of 2023 as compared to Dh15.2 billion in the first half of 2022 on the back of 16 new project launches across various master plans.It reported an EBITDA of Dh2.3 billion during the January-June 2023 period.
Emaar Development has a sales backlog of Dh53.2 billion, which will be recognised as revenue in the coming years.
In June, Emaar revealed $20 billion The Oasis by Emaar, one of Dubai's largest developments, covering a total land area of more than 100 million square feet (9.4 million square meters). The Oasis offers over 7,000 residential units focusing on large mansions and villas with spacious plots.
“Emaar Development's sales and operational efficiencies have contributed to positive results, allowing us to achieve another quarter of solid sales growth. The notable growth in our backlog indicates a healthy demand in our key markets and affirms the positive returns from our investments in major products,” said Mohamed Alabbar, the founder of Emaar.
In the first half of 2023, Emaar Development delivered approximately 5,100 residential units in Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Dubai Marina and Emaar South. Emaar has delivered over 63,000 residential units as of June 2023, with over 28,000 residences currently under development in the UAE.