Emaar Properties records half yearly sales of $4.79bln

Emaar Properties records half yearly sales of $4.79bln

Emaar Properties PJSC announced it has achieved significant increase in first half profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses.

This performance is testament to the continued confidence in Emaar’s brand and overall post-pandemic recovery of Dubai’s economy, led by the real estate market.

Led by robust performance of its core property development business, and complemented by growing recurring revenue operations, Emaar recorded strong first half revenue of AED13.575 billion (US$3.696 billion), growth of 10 percent compared to H1 2021. H1 2022 earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 66 percent to AED 6.112 billion (US$1.664 billion) compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimisation.

Successful launch of properties by Emaar, both 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 (US$4.811 billion), an increase of 5 percent compared to the H1 2021 sales of AED16.842 billion (US$4.585 billion).

During the second quarter of 2022, Emaar recorded an increase in EBITDA of 53 percent to AED2.932 billion (US$798 million) compared to EBITDA of AED1.922 billion (US$523 million) in the same period of 2021. Emaar’s Q2 2022 revenue stood at AED6.940 billion (US$1.889 billion), an increase of 8 percent compared to Q2 2021 revenue of AED6.439 billion (US$1.753 billion).