Emaar Achieved Group Property Sales Of AED 26.9 Billion (US$ 7.3 Billion) In The First 9 Months Of 2022;EBITDA Increased By 47 Percent #Dubai - Dubai City Guide
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Emaar Achieved Group Property Sales Of AED 26.9 Billion (US$ 7.3 Billion) In The First 9 Months Of 2022;EBITDA Increased By 47 Percent
(15 November 2022)
Emaar’s property sales backlog reached to AED 51.9 billion (US$ 14.1 billion), to be recognized as revenue in coming years


 

Emaar Properties PJSC (DFM: EMAAR), announced continued growth in the first nine-month profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses.

Key performance highlights

Emaar recorded revenue during the first nine months of 2022 (“9M 2022”) amounting to AED 18.9 billion (US$ 5.1billion)supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses. EBITDA and net profitof 9M 2022 increased by 47 per cent and 124per cent respectively to AED 8.4 billion (US$ 2.3 billion) and AED 5.8billion (US$ 1.6billion) respectively as compared to 9M 2021, as a result ofsustained revenue, improved margins and greater control on costs.

EBITDA and net profit for Q3 2022increased by 12 per cent and 46 per cent respectively to AED 2.3 billion (US$ 626 million) and AED 1.5 billion (US$ 408 million), respectively, compared to similar period during last year.

Emaar successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of AED 26.9 billion (US$ 7.3 billion) during 9M 2022. Property sales backlog of Emaar reached to AED 51.9 billion (US$ 14.1 billion), which will be recognized as revenue in the coming years.

Emaar has also announced notable strategic transactions in the third quarter which reinforcethe company’s strategy to focus on core pillars of the business andprovide sustained long-term financial return and shareholder benefits.

The proposal to purchase Dubai Creek Harbourfor an overall consideration of AED 7.5 billion (US$ 2 billion), to be paid equally in cash and shares of Emaar Properties PJSC,was approvedby the Board of Directors as well as the shareholders in the general meeting.

The Board of Directors as well as shareholders of Emaar Properties PJSC have also approved the sale of Namshi to Noon for a total cash consideration of AED 1.2billion (US$ 335 million), representing an excess of AED 127 million (US$ 35 million) overthe total investment in Namshi.

An Emaar spokesperson said: “Q3 was another strong period for Emaar as we continue to build on momentum generated in the first half of the year. The strategic measures put in place following the pandemic are seeing fruition as all parts of the company benefit from increased consumer confidence and activity, particularly in the real estate market.As we move into Q4 2022, we are confident of a further uplift in our malls, hospitality, and retail assets as we head into the winter months and see a boost to the tourism and retail sectors.”

Emaar's integrated masterplan developments remain popular with both domestic and foreign investors thanks to the company's longstanding reputation for customer focus, superior design, construction quality, and innovation across all its market segments.

Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai in Q3and recorded 9M 2022 property sale of AED 23.2 billion (US$ 6.3 billion), 11 per cent higher than same period in 2021. Emaar Development reported 9M 2022 revenue of AED 9.3billion (US$ 2.5billion) and recorded an EBITDA of AED 3.3billion (US$ 898million).

Emaar International

Emaar’s international real estate operations recorded property sales of AED 3.7billion (US$ 1billion) for 9M 2022 and contributed revenue of AED 3.2billion (US$ 871million), representing 17per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar Malls Management

Emaar Malls Management LLC, the wholly owned shopping malls and retail arm of Emaar, recorded 24 per cent growth in 9M 2022revenue compared to same period last year, reaching to AED 4billion (US$ 1.1billion). Emaar Mall Management achieved 9M 2022EBITDA of AED 2.4billion(US$ 653million), 47per cent higher than 9M 2021. All the assets of Emaar Mall Management have achieved record tenant sales during 9M 2022, surpassing 2019 pre-Covid tenant sales. Leasing occupancy of Emaar Malls Management’s assets stands at 96 per cent.

Dubai Hills Mall,unveiled on 17 February 2022, features an unmatched selection of retail, dining, and entertainment concepts has in no time became an iconic lifestyle destination.As at the end of September2022, the Dubai Hills Mall was leased 87 per cent.

Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 2.4 billion(US$ 653million) for 9M 2022, a growth of78per cent compared to same period last year. Emaar’s hotels in the UAE, including joint venturesand managed hotels, achieved strong ADRswith average occupancy levels of 67per cent during 9M 2022, providing further proof of robust post-pandemic recovery.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainmentand commercial leasing, together achieved 9M 2022 revenue of AED 6.3billion (US$ 1.7 billion) recording a growth of 40per cent compared to same period last year. These businesses represent a33per cent Emaar’s total revenue.

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