“Emaar Properties Announces Strong Financial Results in Q1 2023 with Increase in Real Estate Sales and Growth in Profitability”

Dubai, May 11 / WAM / Emaar Properties announced strong financial results in the first quarter of 2023, thanks to the increase in its real estate sales and the success it is witnessing in all its business sectors.
The company recorded revenues of 6.3 billion dirhams ($1.7 billion) in the first quarter of 2023, supported by activity in the tourism sector, retail sales, as well as an increase in demand for real estate projects in Dubai.
During the same period, the company achieved growth in profits before tax, interest and depreciation of 4 billion dirhams ($1.1 billion), an increase of 26 percent, and a net profit of 3.2 billion dirhams ($873 billion), an increase of 43 percent compared to the first quarter. From 2022.
While the company achieved real estate sales amounting to 9.2 billion dirhams ($2.5 billion) in the first quarter of 2023, an increase of 11 percent compared to the first quarter of last year..while the volume of cumulative sales from real estate projects amounted to 55.7 billion dirhams ($15.2 billion). ), which will be recorded as revenues in the coming years.
Mohamed Alabbar, founder of Emaar Properties, said: “Emaar’s financial results during the first quarter reflect our ability to continuously enhance our performance through effective management of operational efficiencies..The remarkable increase in EBITDA and profit margins is a direct result of our ability to expand Our operations… Due to Emaar’s unwavering commitment to innovation, talent development and operational excellence, the company is able to achieve increased sales, customer satisfaction, profitability and shareholder value.”
Emaar Development, majority owned by Emaar Properties, recorded real estate sales of 8.6 billion dirhams in the first quarter, an increase of 26 percent compared to the first quarter of 2022. Revenues from Emaar Development in the United Arab Emirates amounted to 3.6 billion dirhams in the quarter. The first of 2023, when it successfully launched seven new projects in the country.
Emaar’s international real estate operations achieved real estate sales amounting to 627 million dirhams, and contributed to revenues of 420 million dirhams, which represents 7 percent of Emaar’s total revenues. These financial results are mainly driven by the successful operations that were implemented in Egypt.
While shopping centers, retail assets and commercial rentals recorded a growth in their revenues during the first quarter of 2023 by 7 percent compared to the same period last year, to reach 1.4 billion dirhams.
In the first quarter of 2023, Emaar’s portfolio of shopping malls, retail and commercial leasing assets achieved profits before tax, interest and depreciation of 1.7 billion dirhams, an increase of 114 percent compared to the same period in 2022.
This achievement is attributed to achieving gains from the sale of Namshi worth 700 million dirhams, in addition to an increase in record sales to tenants by 30 percent compared to the first quarter of 2022.. while the tenant occupancy rate in the basic assets managed by Emaar Shopping Centers Management Company reached more than 95 percent. Cent.
Emaar’s hospitality, leisure, entertainment and commercial leasing business recorded revenues of 884 million dirhams during the first quarter of 2023, a growth of 17 percent compared to the same period last year.

This performance comes as a result of the continued recovery in the tourism sector and the increase in domestic spending after Emaar Hospitality’s hotels in the UAE, including those managed by Emaar Hospitality, achieved an average occupancy rate of 75 per cent during the first quarter of 2023.
Emaar’s diversified portfolio of businesses with recurring returns, including shopping centres, hospitality, entertainment, leisure and leasing combined, recorded revenues of 2.3 billion dirhams during the first quarter of 2023, an increase of 11 percent compared to the first quarter of 2022. The revenues from these businesses constitute 37 percent of Emaar’s total revenues.