Emaar Properties’ profits jump 46% to 1.5 billion dirhams in the third quarter

Emaar Properties announced that it has achieved continued growth in its profits for the first nine months of questyear, thanks to strong real estate sales and the growth of the performance of projects that depend on recurring revenues.

Emaar said in a statement, today, Monday, that strong growth has been achieved thanks to the performance of the Dubai real estate market, as well as the execution of projects that depend on recurring revenues.

Emaar Properties recorded strong revenues in the first nine months of the year of 18.9 billion dirhams ($ 5.1 billion).

The company also got it in this period EBITDA growth of AED 8.4 billion ($ 2.3 billion), an increase of 47%, and a net profit of AED 5.8 billion ($ 1.6 billion), an increase of 124%, compared to the same period in 2021., thanks to sustainable revenues with improved profit margins and continuous cost control.

During the third quarter of 2022, Emaar recorded an EBITDA growth of 12% compared to the same quarter of the previous year, reaching AED 2.3 billion ($ 626 million).

Net profit for the third quarter of 2022 was approximately 1.5 billion dirhams ($ 408 million), in 46% increase over its counterpart in 2021.

Thanks to Emaar’s success in launching a series of new projects in the United Arab Emirates and international markets, and its continued focus on project sales in construction, it was in able to achieve strong sales during the first nine months of the year of 26.9 billion dirhams (7.3 billion dollars).

The cumulative volume of sales of real estate projects over the same period was 51.9 billion dirhams (14.1 billion dollars), the revenues of which will be calculated in the coming years.

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