Dubai – Mubasher: The net profits of Emaar Development declined by 1% to AED 2.17 billion during the first half (H1) of 2023, compared to AED 2.19 billion.
Revenues stood at AED 4.45 billion in H1-23, lower by 39% year-on-year (YoY)than AED 7.28 billion, according to the consolidated income statements.
In the first six months (6M) of 2023, the DFM-listed firm reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of AED 2.30 billion ($627 million).
The sales backlog amounted to AED 53.20 billion ($ 14.50 billion) during the January-June 2023 period.
Mohamed Alabbar, Founder of Emaar, said: "Emaar Development's sales and operational efficiencies have contributed to positive results, allowing us to achieve another quarter of solid sales growth.”
“The notable growth in our backlog indicates a healthy demand in our key markets and affirms the positive returns from our investments in major products,” Alabbar underlined.
He added: "These accomplishments reinforce Emaar Development's position as an established industry player, providing increased benefits and value to our valued shareholders. We remain committed to maximizing their returns on investment.”
As of 31 March 2023, the UAE-based company registered net profits attributable to the owners valued at AED 1.058 billion, up YoY from AED 1.050 billion.
