UAE property company Emaar Development PJSC has posted a 74 per cent increase in net profit to $1.8 billion (AED 6.6 billion) for 2023.
The results were driven by an increase of 22 per cent in property sales to $10.2 billion (AED 37.4 billion) compared to $8.4 billion (AED 30.7 billion) in 2022, attributed to 27 launches of new projects, including the launches of Palmiera at The Oasis in Dubai and Address Residences Al Marjan Island in Ras Al Khaimah.
Emaar Development now has a sales backlog of $15.5 billion (AED 57.1 billion), which will be recognised as revenue in the coming years.
Mohamed Alabbar, founder of Emaar said the "consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments.
"Our commitment to excellence resonates with our clientele, reinforcing their confidence in our brand. Understanding market trends and delivering high-quality developments are key drivers of this trust. Emaar's robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success."
During 2023, Emaar Development delivered over 12,000 residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley.
As of December 2023, Emaar delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.
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