Emaar Properties witnessed a significant surge in net profit in 2022, with sales soaring to AED 35.1B ($9.5B) due to robust demand from property buyers. In a disclosure on the Dubai Financial Market (DFM), the company reported that net profit and EBITDA for the year had almost doubled by 80% and 18%, respectively, reaching AED 6.8B and AED 9.8B compared to 2021.
Total revenue amounted to AED 24.9B. Emaar Properties credited the impressive financial results to the recovery of global tourism and the positive shift in consumer and property investor sentiments, according to the company’s announcement. “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,” said Mohamed Alabbar, Founder of Emaar.
“Given these remarkable outcomes, we expect to see strong performance by our shopping centres, hotels and property sales in 2023.”
Emaar Development, a subsidiary of Emaar Properties, achieved AED 30.7B in property sales in Dubai, indicating a 12% growth from 2021. The subsidiary’s revenue and EBITDA amounted to AED 11.5B and AED 4.2B, respectively. Meanwhile, Emaar International, the developer’s global business, sold AED 4.2B ($1.1B) worth of properties in 2022, driven by successful operations in India and Egypt, which constituted 17% of the company’s total revenue.
Emaar Malls Management, the retail division, reported AED 5.4B in revenues, representing an 8% increase from the previous year, and an EBITDA of AED 3.1B, a growth of 21% from 2021. Additionally, Emaar’s hospitality, leisure, entertainment and commercial leasing businesses recorded AED 3.4B in revenues, marking a 57% increase from 2021.
The company’s hotels throughout the UAE observed significant growth in average daily rates (ADRs) and average occupancy rates of 69% in 2022, following the recovery of global tourism and hosting of mega events such as Expo 2020 and FIFA World Cup.
