DUBAI, UAE – Emaar Properties posted annual revenues of US$ 7.3 billion (AED 26.7 billion) and net profit of AED 11.6 billion (US$ 3.2 billion) in 2023 achieving growth of 7 percent and 70 percent respectively compared to the same period last year.
This performance was supported by growth in tourism, a continued upward trend in retail sales and a consistent increase in real estate demand, a press release said.
Emaar also achieved 63 percent growth in EBITDA, reaching US$4.4 billion (AED 16 billion) during 2023 as compared to 2022.
With a 15 percent year-over-year growth, Emaar achieved group property sales of US$ 11 billion (AED 40.3 billion) in 2023.
Enhanced by property sales during 2023, the group’s revenue backlog from property sales reached US$ 19.5 billion (AED 71.8 billion) as of December 31 2023, indicating positive outlook for revenue recognition in the forthcoming years.00000
Mohamed Alabbar, founder of Emaar, said, “Following a prosperous 2023, our achievements are indeed gratifying. The strategic initiatives undertaken in the past two years, coupled with enhancements in consumer confidence and overall business dynamics, especially in the real estate and retail sector, have significantly influenced our company’s operations throughout the previous year.”
He said, “With these results, we look forward to a positive performance in our shopping centres, hotels, and property sales in 2024. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”
Emaar’s long-standing reputation for customer focus, exceptional design, construction excellence, and innovation across all market segments continues to attract both domestic and international investors.