Emaar’s first-half sales rise 5% to AED17.67bn

Dubai / Gulf Time

Emaar Properties (Emaar), announced good growth 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, growth of 10% compared to H1 2021. H1 2022 Ebitda increased by 66% to AED6.112 billion compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimisation.
During Q2, Emaar recorded an increase in Ebitda of 53% to AED2.932 billion compared to Ebitda of AED 1.922 billion in the same period of 2021.
Emaar’s Q2 2022 revenue stood at AED6.940 billion, an increase of 8 per cent compared to Q2 2021 revenue of AED 6.439 billion.
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, an increase of 5 percent compared to the H1 2021 sales of AED 16.842 billion.
The strong property sales backlog of AED 47.982 billion at the end of H1 2022, which will be recognised as revenue in the future, further underlines Emaar’s robust financial position in preserving high revenue, profitability and shareholders’ return in the foreseeable future.
An Emaar spokesperson said: “We have delivered strong second quarter results of Emaar by successfully carrying on the momentum built during the first quarter of 2022. Thanks to the post-pandemic uptick in the real estate market and strong recovery of our mall, hospitality and retail assets which increased our second quarter profit this year, in comparison to the same period in 2021. We are continuing to reap the benefits of long-term investment in human talent we made last year across all aspects of our business, and Emaar is again on track to generate attractive and sustainable returns for all stakeholders.”
“On a macro-economic level, Dubai’s growing economy and recent changes in areas such as commercial companies law and visa regulations are driving growth and attracting investment across many sectors, which indirectly increases demand for our products, underpinned by our continued focus on delivering high quality products and experiences that surpass our customers’ expectations.”
With an established reputation for excellence in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its integrated masterplan developments continues to remain popular with local and international investors.