Dubai’s Emaar Development has reported record property sales of AED 15.216 billion ($4.143 billion) in the first half of 2022, up 10% year-on-year. The developer’s profits surged to AED 1.28 billion in Q2.
While profits were up from AED 1.003 billion year-on-year (YoY) in Q2, and grew from to AED 2.507 billion in H1 from AED 2.09 billion, financial reports posted to Dubai Financial Market (DFM) today showed revenue for the second quarter softened down from AED 3.907 billion YoY to AED 3.714 billion.
Revenue for the first half of the year was AED 7.282 billion, down from AED 7.754 billion YoY, the results showed.
Emaar said in a statement published to DFM today that its sales backlog increased to AED 32.753 billion and that it launched 15 projects in the first half of the year.
Emaar Development is the development arm of Emaar Properties, which will acquire Dubai Creek Harbour from Dubai Holding in a $2 billion deal, it was announced today.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)