DUBAI, November 14, 2020 / WAM / Emaar Properties announced that it has achieved continued growth in its profit for the first nine months of this year, driven by strong real estate sales and project performance growth dependent on recurring revenue.
Following the strong growth of the property market in Dubai, as well as the performance of projects that depend on recurring revenue, Emaar Properties reported strong revenues in the first nine months of the year at AED18.9 billion (US$5.1). billion).
During this period, the company reported pre-tax, interest and amortization earnings growth of 8.4 billion dirhams (US$2.3 billion), an increase of 47 percent and net income of 5.8 billion dirhams (US$1.6 billion), an increase of 124%, compared to the same period in 2018. 2021, thanks to sustainable revenues with improved margins and continued cost control.
In the third quarter of 2022, Emaar reported pre-tax, interest and amortization profit growth of 12% compared to the same quarter of the previous year, reaching 2.3 billion dirhams (626 million US dollars), while third-quarter 2022 net income totaled 1.5 billion dirhams ($408 million), an increase of 46% over its 2021 counterpart.
Thanks to Emaar’s success in launching a number of new projects in the UAE and international markets, and its continued focus on sales of projects under construction, it was able to deliver strong sales during the first nine months of the even year to 26.9 billion dirhams ( 7.3 billion US dollars) The cumulative sales volume from real estate projects in the same period was 51.9 billion dirhams (14.1 billion US dollars), the revenues of which will be calculated in the coming years.
Emaar announced the implementation of important strategic agreements during the third quarter of this year, which reinforces the company’s strategy to focus on its core business and ensure long-term sustainable financial returns for shareholders. As approved by the board of directors of Emaar and its shareholders, during the general meeting of the company, a proposed acquisition of Dubai Creek Harbor for a total amount of 7.5 billion dirhams (2 billion US dollars), to be paid equally in cash and shares of Emaar Properties.
In addition, the board of directors and shareholders approved the sale of Namshi to Noon for a cash consideration of AED1.2 billion (US$335 million), an increase of AED127 million (US$35 million USA) compared to the company’s total investments in ” Namshi”. walk”.
The large integrated urban projects developed by Emaar continue to enjoy growing attraction among local and foreign investors, thanks to the company’s longstanding reputation for customer focus and delivery of distinct designs, high quality of construction works , as well as innovation in all the sectors in which it operates.
As a result of the strong growth of the property market in Dubai, as well as the performance of projects that depend on recurring revenues, Emaar Properties recorded strong revenues in the first nine months of the year amounting to AED 18.9 billion (AED 5.1 billion this period, the company also achieved pre-tax, interest and amortization earnings growth of AED8.4 billion (US$2.3 billion), an increase of 47 percent and net profit of AED5.8 billion AED (US$1.6 billion), an increase of 124%, compared to the same period in 2021. With sustainable revenue with improved margins and constant cost control.
In the third quarter of 2022, Emaar reported a growth in profit before tax, interest and amortization of 12% compared to the same quarter of the previous year, reaching 2.3 billion dirhams (626 million US dollars), while l Net profit for the third quarter of 2022 amounted to AED1.5 billion (US$408 million), an increase of 46% over its 2021 counterpart.
Thanks to Emaar’s success in launching a number of new projects in the UAE and international markets, and its continued focus on sales of projects under construction, it was able to achieve strong sales during the first nine months of the year amounting to AED26.9 billion (US$7.3 billion). Cumulative sales volume from real estate projects during the same period was 51.9 billion UAE dirhams (US$14.1 billion) , whose revenues will be calculated over the next few years.
Emaar announced the implementation of important strategic agreements during the third quarter of this year, which reinforces the company’s strategy to focus on its core business and ensure long-term sustainable financial returns for shareholders. As approved by Emaar’s board of directors and its shareholders, during the company’s general meeting, a proposed acquisition of Dubai Creek Port for a total amount of AED7.5 billion (US$2 billion), from pay equally in cash and shares of Emaar Properties PJSC.
In addition, the board and shareholders approved the sale of Namshi to Noon for a cash consideration of AED1.2 billion (US$335 million), an increase of AED127 million (US$35 million USA) compared to the company’s total investments. nams.
Emaar Development PJSC, the leading developer of real estate for sale in the UAE (DFM: EMAARDEV), majority owned by Emaar Properties PJSC, maintained its strong selling momentum. Real estate sector in Dubai during Q3 2022 reported real estate sales for the first nine months of the year worth 23.2 billion dirhams (6.3 billion US dollars), an 11% increase over the same period in 2021.
Emaar Development also reported revenue for the first nine months of 2022 of AED9.3 billion ($2.5 billion) and achieved an EBITDA of AED3.3 billion ($898 million).
Emaar’s international real estate operations recorded real estate sales of AED3.7 billion ($1 billion) in the first nine months of 2022 and contributed revenues of AED3.2 billion ($871 million), representing 17% of Emaar’s total revenues Thanks to successful operations in Egypt and India.
Emaar Shopping Centers Management Company (LLC), the real estate arm of Emaar that develops shopping centers and retail assets, reported growth in its revenues in the first nine months of 2022 by 24% compared to the same period last year, reaching 4 billion UAE dirham ($1.1 billion).
Emaar Shopping Centers Management achieved profit before tax, interest and depreciation of AED2.4 billion (US$653 million) during the first nine months of 2022, an increase of 47% over the same period in the previous year. Last year.
All Emaar Mall Management businesses had record tenant sales during the first nine months of 2022, surpassing tenant sales in the pre-pandemic period of 2019. The leasing rate in Emaar Mall Management businesses has reached 96%.
The Dubai Hills Mall, opened by the company on 17 February 2022, has attracted a group of international brands across the retail, restaurant and entertainment sectors and has quickly become one of the favorite and well-known destinations in the emirate. At the end of September 2022, the tenant occupancy rate was 87% from international and local brands.
Emaar’s hospitality, leisure, entertainment and commercial leasing business recorded revenues of AED2.4 billion (US$653 million) during the first nine months of 2022, a growth of 78% over the same period in the same period. ‘Last year. UAE also recorded UAE, including joint ventures and managed hotels, reported strong ADR with occupancy rates for the first nine months of the year reaching 67%, reflecting strong recovery in the post-pandemic tourism sector.
During the first nine months of 2022, the total revenues of projects that depend on recurring revenues of shopping, hotel, entertainment and commercial leasing centers generated revenues of AED 6.3 billion ($1.7 billion), with a 40% growth over the same period last year Projects account for 33% of Emaar’s total revenues.
