Emaar Development announced a significant surge in property sales, reporting a 26% increase to AED 8.603B ($ 2.342B) in Q1 2023 as compared to AED 6.843B ($ 1.863B) in Q1 2022. According to the company’s statement, the strong performance was a result of its successful property launches, which have generated a favorable revenue pipeline for the future.
Emaar Development’s successful launches of seven projects in Q1 2023, including Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, Anya and Anya 2 in Arabian Ranches III, signify steady progress towards the company’s strategic goals of establishing itself as a reliable developer, according to WAM.
Emaar Development has disclosed that it achieved an EBITDA of AED 1.140B ($ 310M) during the January to March quarter of 2023. Additionally, it reported a net profit of AED 1.058B ($ 288M), which was consistent with Q1 2022. Emaar’s current sales backlog of AED 45.680B ($ 12.437B) will be recognized as revenue in the future, thanks to its impressive performance.
Mohamed Alabbar, the founder of Emaar, said: “Emaar Development’s sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023. Our backlog demonstrates a healthy market demand across our key markets, and we remain appropriately positioned to deliver constant growth and sustained value for our shareholders.”
Dubai remains a top business hub for various sectors, including trade, financial services, logistics, travel, and hospitality. The region is also seeing growth in emerging sectors such as technology, renewable energy, healthcare, and education.
Emaar Development’s sales growth in Q1 2023 is indicative of the region’s continued potential for growth and its ability to attract skilled professionals and investors. During the same period, Emaar Development delivered roughly 1,600 residential units in highly sought-after locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. To date, Emaar has delivered over 59,500 residential units, with over 28,500 residences currently under development in the UAE.
