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Emaar 2022 profit surges 80% to $1.9bn on improved margins

Emaar Properties, Dubai's largest developer, reported nine-month net earnings of AED8.23 billion ($2.2bn), compared to AED5.79 billion in the same period last year Wam
Emaar Properties, Dubai's largest developer, reported nine-month net earnings of AED8.23 billion ($2.2bn), compared to AED5.79 billion in the same period last year

Dubai-listed Emaar Properties has revealed an 80 percent increase year-on-year in net profit to AED6.8 billion ($1.9 billion) in 2022, driven by sustained revenue, improved margins and continued control over costs.

The developer’s property sales reached AED35.1 billion ($9.5 billion) last year, primarily as a result of new project launches, state-run WAM news agency reported.

Emaar’s backlog of property sales reached AED53.2 billion ($14.5 billion), which will be recognised as revenue in the coming years.

The developer saw revenues of AED24.9 billion ($6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and rebound of global tourism.

EBITDA increased by 18 percent to AED9.8 billion ($2.7 billion).

In 2022, Emaar completed the acquisition of Dubai Creek Harbour from Dubai Holding for AED7.5 billion.

Mohamed Alabbar, founder of Emaar, said: “Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years.

“We expect to see strong performance by our shopping centres, hotels, and property sales in 2023.”

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