August 10, 2023 (MLN): Emaar Properties, the real estate giant recorded profits of AED4.9 billion or $1.3bn, up by 15% YoY in 1HCY23 mainly on the back of growth in tourism, retail sales, and sustained real estate demand in Dubai.
The strong set of financial numbers further revealed that the revenues of the company stood at AED12.3bn or $3.3bn and group property sales clocked in at AED20.2bn or $5.5bn.
With incremental property sales, the company’s revenue backlog reached AED62.8bn ($17.1bn) as on 30 June 2023. This backlog represents future revenue from property sales to be recognized over the next few years.
“Emaar’s recent performance reflects our ongoing commitment to sustained profitable growth and our focus on meeting the needs of our loyal and new customers," Founder Mohamed Alabbar said.
"Our investments have resulted in strong returns, driving our growth and improving our operations. We are confident in our ability to continue executing our business strategy and meeting customer demand as we move forward in the year,” he added.
Being a star performer, Emaar successfully launched 16 new projects in the UAE, it achieved property sales of AED19bn or $5.2bn, up by 25% over H122. UAE build-to-sell operation reported revenue of AED6.3bn or $1.7bn.
