Emaar Properties announced on Monday that its first nine months of profitability had increased again, helped by robust real estate sales and improvements in the operation of businesses that bring in recurring income.
The Dubai-based property tycoon announced in a statement that it generated Dh18.9 billion ($5.1 billion) in revenue between January and September 2022, supported by the booming Dubai real estate market and the ongoing growth of its businesses that generate recurring income.
The statement reads: “Sustained revenue, stronger margins, and enhanced cost control contributed to the growth in EBITDA and net profit in the first nine months of 2022 to Dh8.4 billion ($2.3 billion) and Dh5.8 billion ($1.6 billion), respectively, as compared to the same period last year. (Emaar)
When compared to the same period in the prior year, EBITDA and net profit increased by 11% and 46%, respectively, to Dh2.3 billion ($626 million) and Dh1.5 billion ($408 million), for the quarter of July to September 2022.