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Dubai-based Emaar Properties PJSC posted a nine-month 2023 net profit of 8.24 billion dirhams ($2.2 billion), up 42% compared to the same period last year on rising retail sales and higher real estate demand.
Revenue for the period came in at AED18.4 billion, the Dubai Financial Market-listed firm said in a regulatory disclosure on Thursday.
With a 16% year-over-year growth, Emaar, the builder of Burj Khalifa, achieved group property sales of AED31.1 billion for the nine-month period.
The company's revenue backlog from property sales reached AED69.5 billion as of September 30, 2023, "indicating robust outlook for revenue recognition in the forthcoming years," it said.
Mohamed Alabbar, founder of Emaar, said: "With the continued surge in tourism, the launch of attractions like the Dubai Mall Chinatown, and the positive trajectory in property sales, we are honouring our commitment to both our loyal and new customers."
Emaar Development
Emaar Development PJSC, the property development company specialising in build-to-sell properties is majority-owned by Emaar Properties. It made a net profit of AED 4.1 billion, an increase of 43% compared to the same period in 2022.
Emaar Development has a sales backlog of AED 59.6 billion, which will be recognised as revenue in the coming years, it said in a DFM disclosure.
(Writing by Brinda Darasha; editing by Seban Scaria)
