Tuesday, July 23, 2024

5 billion dirham net profit in half of “Emaar Properties”, 15% growth

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Emaar Properties reported revenues of around 4.9 billion dirhams in the first half of this year, a 15% growth, to 4.3 billion dirhams in the first half of 2022. 10% less.

The company confirmed in a statement yesterday that its focus on improving profit margins and boosting operational efficiency led to an increase in profit before tax, interest and depreciation of 6.4 billion dirhams. 5% compared to the first half of 2022.

The company recorded real estate sales of 20.2 billion dirhams in the first half, a 14% increase compared to the first half of last year. The total sales volume of real estate projects is 62.8 billion dirhams, which will be recorded as revenue in the coming years.

The company posted a 43% growth in first quarter profit of 3.2 billion dirhams, supported by the completion of the sale of “Namshi” for 1.2 billion dirhams. Sales in the first quarter were 9.2 billion dirhams and first quarter revenue was down 5% to 6.3 billion dirhams.

Mohamed Alabar, founder of Emaar, said: “Emaar’s recent performance reflects our continued commitment to growth and sustainable profitability, as well as a focus on meeting the needs of our customers. Driven by our steady growth and operational improvement, our investments have yielded strong returns and we are confident of continuing to execute our business strategy and meet customer demands with the same level of success in the next half of the year. .”

In the first half, Emaar Development recorded real estate sales of 19 billion dirhams, a 25% increase compared to the first half of 2022. , which successfully launched 16 new projects in the country.

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Revenue from shopping centers, retail properties and commercial leasing recorded 8% growth in the first half compared to the same period last year, reaching 3.1 billion dirhams. In the same period, the portfolio achieved an EBITDA of 3.2 billion dirhams, an increase of 77% in the first half of 2022.

Compared to the first half of 2022, the success was attributed to strong tenant sales growth of around 30% and Emaar Shopping Centers Management Company’s core shopping center assets achieving an occupancy rate of around 96%.

In the first half, Emaar International’s real estate operations reported real estate sales of 1.2 billion dirhams and total revenue of 1.3 billion dirhams. These results were mainly driven by the company’s operations in Egypt and India, given that revenue from international real estate operations accounted for 11% of Emaar’s total revenue.

In the first half, Emaar’s hospitality, leisure, entertainment and commercial leasing business posted revenue of 1.6 billion dirhams, an 18% growth compared to the same period in 2022. This performance comes as a result of continued recovery in the tourism sector. , and an increase in the proportion of domestic spending as affiliated hotels in the UAE achieved Emaar Hospitality – including hotels managed by it – averaged 70% occupancy in the first half. During this period, Emaar also announced the opening of its latest hotel: the Address Jabal Umar in Makkah, which has around 1,500 rooms and is located in the heart of Makkah Al-Mukharramah.

Diversified portfolio

Its diversified portfolio of recurring income businesses, including shopping centers, hospitality, entertainment, leisure and leasing, saw its revenue increase 11% to 4.7 billion dirhams ($1.3) compared to the first half of 2022. Business accounts for 8% of Emaar’s total revenue.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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