Dubai, UAE – Dubai-based real estate developer Emaar Properties has reported a revenue of AED 420 million ($114 million), representing 7 percent of its overall revenue in the first quarter of 2023, with profitable operations in Egypt driving growth.
Emaar recorded an EBITDA and net profit for the first quarter of 2023 of AED 4.0 billion (US$ 1.1 billion) and AED 3.2 billion (US$ 873 million), respectively, which is an increase of 26 percent and 43 percent, respectively, compared to the first quarter to 2022.
The group’s property sales reached AED 9.2 billion (US$ 2.5 billion), an 11 percent increase compared to Q1 2022. The revenue backlog from property sales increased to AED 55.7 billion (US$ 15.2 billion), which will be recognised as revenue in the coming years.
The company’s shopping mall, retail and commercial leasing operations saw a 7 percent increase in revenue, reaching AED 1.4 billion ($388 million), while its hospitality, leisure and entertainment businesses recorded a revenue of AED 884 million ($241 million), reflecting a growth of 17 percent compared to the same period last year.
Its recurring revenue-generating businesses, including malls, hospitality, leisure, entertainment, and leasing, collectively recorded AED 2.3 billion ($629 million) in revenue during the quarter, constituting 37 percent of its overall revenue.
Emaar’s founder, Mohamed Alabbar, credited the company’s commitment to innovation, talent and operational excellence for the solid results.
“Owing to Emaar’s unwavering commitment to innovation, talent and operational excellence, the company is in a position to increase sales, lift profitability, and drive customers happiness and shareholders value,” Alabbar said.