It recorded a net profit of 5.8 billion dirhams

26.9 billion dirhams of "Emaar" sales in 9 months

All of Emaar's mall management assets recorded record tenant sales.

À archival

Emaar Properties announced continuous growth in its profits for the first nine months of this year, thanks to strong real estate sales and growth in the performance of projects that depend on recurring revenue.

Thanks to Emaar's success in launching a number of new projects in the UAE and international markets, and its continued focus on sales of projects under construction, it was able to achieve strong sales during the first nine months of the year, amounting to 26.9 billion dirhams.

The cumulative sales volume of real estate projects during the same period amounted to 51.9 billion dirhams, the revenues of which will be calculated during the coming years.

And Emaar Properties confirmed in a statement yesterday that it recorded strong revenues in the first nine months of the year, amounting to 18.9 billion dirhams.

During this period, the company achieved a growth in profits before tax, interest and depreciation of 8.4 billion dirhams, an increase of 47%, and a net profit of 5.8 billion dirhams, an increase of 124%, compared to the same period in 2021, thanks to sustainable revenues with an improvement in Profit margins and continued expenditure control.

During the third quarter of 2022, Emaar recorded a growth in profits before tax, interest and depreciation by 12% compared to the same quarter of the previous year, to reach 2.3 billion dirhams, while net profits for the third quarter of 2022 amounted to about 1.5 billion dirhams. , an increase of 46% compared to its counterpart from 2021.

Emaar announced the implementation of important strategic deals during the third quarter of this year, which reinforces the company's strategy to focus on its core business and ensure long-term sustainable financial returns for shareholders. It stipulates the acquisition of Dubai Creek Harbor for a total amount of 7.5 billion dirhams, to be paid equally in cash and shares in Emaar Properties.

In addition, the board of directors and shareholders approved the sale of “Namshi” to “Noon” for a cash consideration of 1.2 billion dirhams, an increase of 127 million dirhams, over the company’s total investments in “Namshi”.

And Emaar Development maintained its strong momentum in real estate sales within Dubai during the third quarter of 2022, recording real estate sales for the first nine months of the year at a value of 23.2 billion dirhams, an increase of 11% over the same period in 2021. Emaar Development also recorded revenues in The first nine months of 2022 amounted to 9.3 billion dirhams and achieved profits before tax, interest and depreciation of 3.3 billion dirhams.

Emaar's international real estate operations recorded real estate sales amounting to 3.7 billion dirhams in the first nine months of 2022, and contributed to revenues of 3.2 billion dirhams, which represents 17% of Emaar's total revenues, thanks to successful operations in Egypt and India.

The “Emaar Shopping Centers Management Company” also recorded a growth in its revenues during the first nine months of 2022 by 24% compared to the same period last year, to reach four billion dirhams.

The company achieved profits before tax, interest and depreciation of 2.4 billion dirhams during the first nine months of this year, an increase of 47% compared to the same period last year.

All Emaar mall management assets recorded record sales for tenants during the first nine months of this year, surpassing tenant sales in the pre-pandemic period of 2019. The leasing rate in Emaar mall management assets reached 96%.

Hospitality and entertainment

Emaar's hospitality, leisure, entertainment and commercial leasing business recorded revenues of 2.4 billion dirhams during the first nine months of 2022, a growth of 78% compared to the same period last year.

The hotels of Emaar Hospitality Group in the UAE, including joint ventures and managed hotels, also recorded a strong average daily rate, with occupancy rates during the first nine months of the year reaching 67%, reflecting the strong recovery in the tourism sector after the pandemic subsided.

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