Emaar Q3 profit rises 46% to $408m on Dubai property boom

Emaar Properties, Dubai’s biggest listed property company, on Monday posted a 46 percent rise in net profit in the third quarter of 2022 to AED1.5 billion ($408.40 million), beating estimates.

Results at Emaar, known for building the world’s tallest tower, the Burj Khalifa, were boosted after Dubai began its recovery early last year from the pandemic as the government of the Middle East’s financial and tourism hub kept its economy and airports mostly open.

Emaar said its first nine months of 2022 were ‘underpinned by robust property sales and growth in the performance of recurring revenue businesses’.

EBITDA was 12 percent up in the third quarter from a year earlier to AED2.3 billion.

Emaar had been expected to report AED1.44 billion in net profit, a mean estimate by analysts on Refinitiv’s Eikon found.

“Led by new project launches and a continued focus on the sale of units in under-construction projects, Emaar has recorded the highest ever group property sales of AED26.9 billion ($7.3 billion) during 9M 2022,” said Emaar, which is roughly 24 percent-owned by the state’s Investment Corporation of Dubai, according to Refinitiv data.

It said it had a property sales backlog of $14.1 billion.

The value of Dubai real estate sold in the third quarter jumped 61 percent from a year earlier to AED52.39 billion, property consultancy Betterhomes said in a report.