Emaar Properties has recorded first half revenue of AED13.575 billion ($3.696 billion), a growth of 10 percent compared to H1 2021.
H1 2022 earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 66 percent to AED 6.112 billion ($1.664 billion) compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimization, Emaar said.
In a statement, the company said that launch of properties in the UAE and international markets, and concerted focus on sales of under-construction projects resulted in Emaar achieving record first half group property sales of AED17.672 billion ($4.811 billion), an increase of 5 percent compared to the H1 2021 sales of AED16.842 billion ($4.585 billion).
During the second quarter of 2022, Emaar recorded an increase in EBITDA of 53 percent to AED2.932 billion ($798 million) compared to EBITDA of AED1.922 billion ($523 million) in the same period of 2021. Emaar’s Q2 2022 revenue stood at AED6.940 billion ($1.889 billion), an increase of 8 percent compared to Q2 2021 revenue of AED6.439 billion ($1.753 billion).
Emaar’s international real estate operations recorded property sales of AED2.428 billion ($661 million) in H1 2022 and contributed revenue of AED2.068 billion ($563 million), which represents 15 percent of Emaar’s total revenue, primarily driven by successful operations in Egypt and India.
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED1.564 million ($426 million) for H1 2022, grew over 93 percent compared to H1 2021. Emaar’s hotels in UAE, including JV and managed hotels, boasting average occupancy levels of 71 percent, further proof of the GCC’s tourism sector going strength to strength in post-pandemic recovery.