The company said in a statement, that during this period, it achieved a growth in profits before taxes, interest and depreciation of 8.4 billion dirhams (about 2.3 billion dollars), an increase of 47 percent, and net profits of 5.8 billion dirhams (equivalent to 1.6 billion dollars), an increase of 124%. , compared to the same period in 2021, thanks to sustainable revenue with improved profit margins and continued cost control.
During the third quarter of 2022, Emaar recorded a growth in profits before taxes, interest and depreciation by 12% compared to the same quarter of the previous year to reach 2.3 billion dirhams (626 million dollars), while net profits for the third quarter of this year amounted to 1.5 billion dirhams ( $408 million), an increase of 46 percent compared to its counterpart in 2021.
The statement indicated that the company achieved strong sales during the first nine months of the year, amounting to 26.9 billion dirhams (7.3 billion dollars). The cumulative sales volume of real estate projects in the same period amounted to 51.9 billion dirhams (14.1 billion dollars), the revenue of which will be calculated during Next years.
Emaar revealed that it had implemented important strategic deals during the third quarter of this year, which reinforces the company’s strategy to focus on its core business and ensure long-term sustainable financial returns for shareholders. Dubai Creek Harbor for a total sum of 7.5 billion dirhams ($2 billion), to be paid in equal parts in cash and shares in Emaar Properties.
In addition, the Board of Directors and shareholders approved the sale of “Namshi” to “Noon” for a cash consideration of 1.2 billion dirhams ($335 million), an increase of 127 million dirhams ($35 million) over the company’s total investment in “Namshi.” .
Emaar Development
In a related context, Emaar Development maintained its strong momentum in real estate sales in Dubai during the third quarter of 2022 to record real estate sales for the first nine months of the year amounting to 23.2 billion dirhams ($ 6.3 billion), an increase of 11 percent over the same period in 2021.
Emaar Development also recorded revenues in the first nine months of 2022 amounting to 9.3 billion dirhams ($ 2.5 billion) and EBITDA of 3.3 billion dirhams ($ 898 million).
Emaar’s international real estate operations recorded real estate sales of 3.7 billion dirhams ($ 1 billion) in the first nine months of 2022, and contributed revenues of 3.2 billion dirhams ($ 871 million), which represents 17% of Emaar’s total revenues, thanks to the successful operations in Egypt and India.
Emaar Malls Management Company, the real estate arm of Emaar that develops shopping centers and retail assets, recorded a growth in its revenues during the first nine months of 2022 by 24 percent compared to the same period last year, to reach 4 billion dirhams (1.1 billion dollars).
Emaar Malls Management achieved a profit before tax, interest and depreciation of 2.4 billion dirhams (653 million dollars) during the first nine months of 2022, an increase of 47 percent compared to the same period last year.
All assets of Emaar Shopping Centers Management recorded record sales for tenants during the first nine months of 2022, exceeding the sales of tenants in the pre-pandemic period of 2019.
The hospitality, leisure, entertainment and commercial leasing business of Emaar recorded revenues of 2.4 billion dirhams (653 million dollars) during the first nine months of 2022, a growth of 78 percent compared to the same period last year. The hotels affiliated with Emaar Hospitality Group in the UAE also recorded, Including joint ventures and managed hotels, a strong average daily price, with occupancy rates during the first nine months of the year reaching 67 percent, reflecting the strong recovery in the tourism sector after the pandemic subsided.
During the first nine months of 2022, the total returns of projects that depend on recurring revenues from shopping centers, hospitality, entertainment and commercial leasing achieved revenues of 6.3 billion dirhams ($ 1.7 billion), a growth of 40 percent compared to the same period last year. These projects represent 33 percent of Emaar’s total revenue.
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