Last year, Emaar Properties recorded record profits of 6.8 billion dirhams (regarding $1.9 billion), a growth of 80 percent, compared to profits of 3.8 billion dirhams (one billion dollars) in 2021, supported by record real estate sales that reached 35 billion. Dirhams (regarding 9.5 billion dollars), a growth of 4 percent from 33.7 billion dirhams in 2021.
Assets increased to 132.58 billion dirhams, compared to 120.6 billion in 2021, while revenues fell to 24.9 billion dirhams in 2022, compared to 27.89 billion in 2021.
Selling, general and administrative expenses decreased by 4 percent to 3.9 billion dirhams in 2022, compared to 4.1 billion dirhams in the previous year.
Quarterly earnings
Over the course of 3 months, Emaar Properties recorded a 15% decline in profits in the quarter ending in December 2022, to 1.04 billion dirhams. The results came in below analyst expectations, which were at 1.07 billion dirhams.
Emaar Development
Likewise, Emaar Development’s profits increased to 3.8 billion dirhams, a growth of 17 percent in 2022, from 3.2 billion in 2021. The company recorded a 12 percent growth in sales, exceeding 30.7 billion dirhams.
Emaar is a listed Emirati real estate company listed on the Dubai Financial Market, and it is one of the largest real estate developers in the Emirates, and it has many projects in the Middle East, North Africa and Asia, and it has a land portfolio of 1.7 billion square feet in the Emirates and abroad.
Emaar includes under its umbrella a number of companies such as Emaar Development, Emaar International, and Emaar Shopping Centers Management.
The Burj Khalifa in Dubai is one of the most prominent projects developed by Emaar.
