Dubai – Mubasher: Emaar Properties witnessed15% year-on-year (YoY) jump in net profits to AED 4.94 billion during the first half (H1) of 2023, compared to AED 4.30 billion.
Revenues hit AED 12.26 billion in H1-23, down 10% from AED 13.57 billion in H1-22, according to the consolidated financial results.
The earnings per share (EPS) stood at AED 0.56 in H1-23, an annual drop of 6% from AED 0.53.
In the January-June 2023 period, the group registered sales valued at AED 20.20 billion ($5.50 billion), marking a 14% YoY growth.
Meanwhile, the company's revenue backlog from property sales reached AED 62.80 billion ($ 17.10 billion) as of 30 June 2023.
Mohamed Alabbar, Founder of Emaar, commented: "Emaar's recent performance reflects our ongoing commitment to sustained profitable growth and our focus on meeting the needs of our loyal and new customers.”
“Our investments have resulted in strong returns, driving our growth and improving our operations,” Alabbar said.
He concluded: “We are confident in our ability to continue executing our business strategy and meeting customer demand as we move forward in the year."
In Q1-23, the net profits attributable to the shareholders of Emaar Properties hiked to AED 3.20 billion from AED 2.23 billion in Q1-22.
