Emaar Properties posts 80% surge in 2022 profit on record sales

Emaar Properties, Dubai largest listed developer, has reported that its 2022 net profit rose 80 per cent on record real estate sales across its portfolio.Net profit attributable to equity owners of the company for the twelve months ending December rose to Dh6.83 billion ($1.86 billion), from Dh3.8 billion a year earlier, the company's preliminary results showed on Tuesday in a filing to the UAE Financial Market, where its shares are traded.

This was driven by record property sales across its portfolio, which hit a record Dh35.1 billion last year, up more than four per cent from 2021's Dh33.7 billion. Income for the full year hit Dh24.93 billion on the back of stronger momentum in both the real estate sector and the overall economy. This was, however, down 11 per cent from the Dh27.9 billion it reported in 2021. Earnings before interest, taxes, depreciation and amortization (Ebitda) for 2022 rose 18 per cent to Dh9.8 billion, as the company was able to sustain income, control costs and improve margins, Emaar developer said.  

Emaar developer has made moves to boost its strategy. In December, it increased its share capital by eight per cent to Dh8.83 billion and issued eight per cent more shares, to bring its total to 8.83 billion. Earlier last year 2021, the company also increased the foreign ownership limit of its shares to 100%, from 49 %, to capitalize on high interest from international investors. Emaar Development, the company's build-to-sell property development business majority-owned by Emaar Properties, also posted record sales in 2022 worth Dh30.7 billion, more than 13 per cent up from 2021's Dh27 billion.