Dubai [United Arab Emirates], May 12 (/WAM): Emaar Development (DFM: EMAARDEV) recorded robust property sales with a 26 per cent increase to AED 8.603 billion (USD 2.342 billion) in Q1 2023 compared to AED 6.843 billion (USD 1.863 billion) in Q1 2022, the company said in a statement today.
This performance resulted from Emaar Development's successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company's strategic initiatives to further cement its position as a trusted developer.
Emaar Development successfully launched seven projects during the first quarter of 2023, Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, Anya and Anya 2 in Arabian Ranches III.
In the first quarter of 2023 (January to March), Emaar Development reported an EBITDA of AED 1.140 billion (USD 310 million). It has achieved a net profit of AED 1.058 billion (USD 288 million), in line with Q1 2022.
Emaar now has a sales backlog of AED 45.680 billion (USD 12.437 billion), which will be recognised as revenue in the coming years due to robust performance.
Mohamed Alabbar, the founder of Emaar, said: "Emaar Development's sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023. Our backlog demonstrates a healthy market demand across our key markets, and we remain appropriately positioned to deliver constant growth and sustained value for our shareholders."
Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, with growth in emerging sectors such as technology, renewable energy, healthcare, and education. As evidenced by Emaar Development's sales growth in the first quarter of 2023, the region attracts a community of skilled professionals and a continued investment in the region's consistent growth potential.
In the first quarter of 2023, Emaar Development delivered approximately 1,600 residential units in prime locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 59,500 residential units as of March 2023, with over 28,500 residences currently under development in the UAE. (/WAM)
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