During 2023, Emaar Properties PJSC (EMAAR) demonstrated sustained profitable growth with ongoing enhancements in property sales, an upswing in profitability, and progress in the performance of its recurring revenue sectors.
Emaar recorded revenues of AED 26.7bn (US$ 7.3bn) and net profit of AED 11.6bn (US $3.2bn) in 2023, achieving growth of 7% and 70% respectively compared to the same period last year.
Performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 63% growth in EBITDA, reaching AED 16bn (US$ 4.4bn) during 2023 compared to 2022.
With a 15% Y-o-Y growth, Emaar achieved group property sales of AED 40.3bn (US$ 11bn) in 2023. Enhanced by property sales, the group’s revenue backlog from property sales reached AED 71.8bn (US$ 19.5bn) as of 31 December 2023, indicating positive outlook for revenue recognition in the forthcoming years.
“Following a prosperous 2023, our achievements are indeed gratifying. The strategic initiatives undertaken in the past two years, coupled with enhancements in consumer confidence and overall business dynamics, especially in the real estate and retail sector, have significantly influenced our company’s operations throughout the previous year. With these results, we look forward to a positive performance in our shopping centres, hotels, and property sales in 2024. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”
Mohamed Alabbar, Founder, Emaar
Emaar’s long-standing reputation for customer focus, exceptional design, construction excellence, and innovation across all market segments continues to attract both domestic and international investors.
Emaar Development PJSC (EMAARDEV) sustained its property sales momentum during the year. With the successful launch of 27 new projects across all master plans in the UAE, Emaar Development achieved property sales of AED 37.4bn (US$ 10.2bn), reflecting a growth of over 21% compared to 2022.
In 2023, Emaar Development reported revenue of AED 11.9bn (US$ 3.2bn) and achieved EBITDA of AED 8bn (US$ 2.2bn), marking an 89% growth compared to 2022. The company recorded a total revenue of AED 14.4bn (US$ 3.9bn) from its property development business in the UAE (including Dubai Creek Harbour owned by Emaar Properties).
Revenue backlog from property sales in the UAE increased to AED 62.1bn (US$ 16.9bn) as of 31 December 2023, representing a Y-o-Y growth of around 50%.
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 bn sq ft in the UAE and key international markets.
With a proven track-record in delivery, the company has delivered approximately 108,000 residential units in Dubai and other global markets since 2002.
