Dubai, United Arab Emirates – Emaar Development, a build-to-sell property development company based in the UAE and majority-owned by Emaar Properties, has reported a 26 percent increase in sales, reaching AED 8.603 billion (US$ 2.342 billion) in Q1 2023compared to AED 6.843 billion (US$ 1.863 billion) in Q1 2022.
The growth in sales was attributed to the successful launch of seven projects during the quarter.
Emaar Development’s EBITDA for the quarter was AED 1.140 billion (US$ 310 million), while its net profit remained at AED 1.058 billion (US$ 288 million), in line with Q1 2022.
The company’s sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties.
Emaar Development delivered 1,600 residential units in prime locations in Q1, with over 28,500 residences currently under development in the UAE.
The company’s founder, Mohamed Alabbar, said that Emaar Development’s sales execution capabilities and improving operational efficiencies continue to drive good financial results.
“Emaar Development’s sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023,” he said. “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.”