Dubai developer Emaar’s Q2 profit doubles on higher revenue

Emaar supplied

• Revenue improved 8% to AED 6.9 billion in Q2 2022
• Sales backlog at AED 47.98 billion at the end of H1 2022

Emaar Properties, Dubai’s largest developer, reported a net profit of AED 2.06 billion ($560 million) for the second quarter of 2022, up 128 percent year-on-year, as revenues rose amid new visa regulations and a growing economy.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 53 percent year-on-year to AED 2.93 billion in the three-month period. Revenue improved 8 percent year-on-year to AED 6.9 billion, the company said in a statement published on the Dubai Financial Market.

Revenue in the first half of the year climbed 10 percent year-on-year to AED 13.56 billion. On the other hand, EBITDA increased by 66 percent year-on-year to AED 6.112 billion on higher income amid improved margins and continued cost optimization.

Sales backlog stood at AED 47.982 billion at the end of H1 2022, which will be recognised as revenue in the future, which underlines a robust financial position.

Earlier, Emaar Properties announced buying out the stake of Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum’s investment vehicle, in their Dubai Creek Harbour joint venture for AED 7.5 billion, making Dubai’s ruler the second-largest shareholder in the company.