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Emaar Properties achieved net profits in the first half of this year of about 4.9 billion dirhams, a growth of 15%, compared to 4.3 billion dirhams in the first half of 2022. The company recorded revenues in the first half of about 12.3 billion dirhams ($3.3 billion). , down 10%.
The company’s focus on improving profit margins and raising the level of operational efficiency led to its achievement during this period of growth in profits before tax, interest and depreciation, reaching a value of 6.4 billion dirhams (1.7 billion dollars), an increase of 5% compared to the first half of the year 2022.
The company achieved real estate sales in the first half of 2023, amounting to 20.2 billion dirhams ($ 5.5 billion), an increase of 14% compared to the first half of last year. The cumulative sales volume of real estate projects amounted to 62.8 billion dirhams ($7.1 billion), which will be recorded as revenues in the coming years.
The company achieved a 43% growth in profits for the first quarter at 3.2 billion dirhams, supported by the completion of the sale of “Namshi” for 1.2 billion dirhams (the company’s gains from the deal amounted to 700 million dirhams). Sales in the first quarter amounted to 9.2 billion dirhams. Revenues for the first quarter amounted to 6.3 billion dirhams, down 5%.
Strong returns
Mohamed Alabbar, founder of Emaar, said: “Emaar’s recent performance reflects our continued commitment to growth and sustainable profitability, as well as our focus on meeting the needs of all our customers. Our investments have yielded strong returns, driven by our growing lemonade and improved diet, and we are confident in our ability to continue executing our business strategy and meeting our customers’ demands with the same level of success in the next half of this year.”
Emaar Development
In the first half of 2023, Emaar Development recorded real estate sales of AED 19 billion ($5.2 billion), an increase of 25% compared to the first half of 2022. Emaar’s revenues from developing real estate for sale in the UAE amounted to AED 6.3 billion ($1.7 billion). dollars) in the first half of 2023, as it successfully launched 16 new projects in the country.
shopping centers
Shopping centers, retail assets and commercial leasing recorded a growth in their revenues during the first half of 2023 by 8% compared to the same period last year, to reach 3.1 billion dirhams ($ 844 million). During the same period, the portfolio achieved EBITDA of 3.2 billion dirhams ($871 million), an increase of 77% over the first half of 2022.
This success was attributed to the strong tenant sales, which increased by approximately 30% compared to the first half of 2022, and the main shopping mall assets of Emaar Management Company Shopping Centers achieved an impressive occupancy rate of approximately 96%.
Emaar International
Real estate operations of Emaar International in the first half of 2023 recorded real estate sales amounting to 1.2 billion dirhams ($327 million) and revenues totaling 1.3 billion dirhams ($354 million). These results were mainly driven by the company’s operations in Egypt and India, knowing that the revenues from international real estate operations constitute 11% of Emaar’s total revenues.
Emaar Hospitality, Leisure and Entertainment
In the first half of 2023, Emaar’s hospitality, leisure, entertainment and commercial leasing business recorded revenues of 1.6 billion dirhams ($436 million), a growth of 18% compared to the same period in 2022. This performance is the result of the continued recovery in the tourism sector and the increase in the proportion of domestic spending. Emaar Hospitality’s hotels in the UAE, including those managed by it, achieved an average occupancy rate of 70% during the first half of 2023. During this period, Emaar also announced the opening of its newest hotel, The Address Jabal Omar in Makkah, which It includes about 1,500 rooms and is located in the center of Makkah Al-Mukarramah.
Recurring business
Emaar’s diversified portfolio of businesses with recurring revenues, including shopping malls, hospitality, leisure and entertainment, and leasing combined, recorded an 11% increase in revenue compared to the first half of 2022, reaching 4.7 billion dirhams ($1.3 billion). The revenues of these businesses constitute 38% of the total revenues of Emaar.
