2024-02-10 14:57:50
The net profits of four real estate companies listed on the Dubai Financial Market increased by more than 71% at the end of last year 2023, driven by strong sales growth with enhanced activity in the real estate and tourism sectors, in addition to increasing the pace of recovery of the national economy following years of full recovery from the repercussions of the “Covid-19” pandemic.
Based on the disclosures announced on financial market websites, the net profits of these listed real estate companies increased by the equivalent of 8.27 billion dirhams to reach 19.778 billion dirhams in 2023, compared to regarding 11.510 billion dirhams in the year 2022.
The revenues of these four real estate companies increased by 7.3% to reach 42.09 billion dirhams in 2023, compared to regarding 39.24 billion dirhams in 2022, an increase equivalent to 2.86 billion dirhams.
Emaar Properties, listed on the Dubai market, accounted for the largest share of total profits, following achieving a growth in annual net profits of 70.2% to reach 11.63 billion dirhams at the end of last year, compared to regarding 6.832 billion dirhams at the end of 2022, supported by the growth witnessed by the sector. Tourism, an increase in retail sales, as well as a noticeable increase in demand for real estate projects.
The company achieved real estate sales in 2023 amounting to 40.3 billion dirhams, supported by strong real estate sales during the past year. The group’s accumulated sales volume from real estate projects under construction reached a value of 71.8 billion dirhams on December 31, 2023.
Emaar Development Company, majority owned by Emaar Properties, ranked second among those four real estate companies, in terms of the value of profits, following achieving a growth in annual net profits of 74.1% to 6.629 billion dirhams at the end of last year, compared to regarding 3.808 billion dirhams in 2022. Emaar Development Company’s accumulated sales reached 57.1 billion dirhams ($15.5 billion), which will be recorded as revenues over the coming years.
TECOM Group’s net profits also jumped 48.6% to reach the level of 1.078 billion dirhams, compared to 725.6 million dirhams at the end of 2022, supported by a 10% increase in revenues to 2.2 billion dirhams, which is the highest level ever for the group, driven by high occupancy rates once morest the backdrop of high rates. Retaining customers and increasing the number of new customers across the group’s portfolio. The occupancy rate for the commercial and industrial portfolio reached 89%, recording the third quarter of successive growth and an increase from the occupancy rate at the end of 2022 of 86%.
There was strong demand for leasing industrial lands in 2023, as the occupancy rate rose to 94%, compared to an occupancy rate of 81% in 2022.
In turn, Deyaar Development Company recorded a growth of 205.6% on an annual basis, with net profits exceeding 440.7 million dirhams during the year 2023, compared to 144.2 million dirhams at the end of 2022, recording a growth of 205.6%, equivalent to 296.5 million dirhams. Total revenues in the year amounted to 1.25 billion dirhams, an increase of 56% compared to 2022, which recorded 803.4 million dirhams.
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