2023-11-09 12:32:31
Emaar Properties, listed on the Dubai Financial Market, announced strong financial results in the first nine months of 2023, thanks to the sustainable growth witnessed by its operations in all its business sectors.
The company said in a statement on the market website, that in the first nine months of 2023, it recorded revenues amounting to 18.4 billion dirhams (regarding 5 billion dollars), and the net quarter of the period amounted to 8.2 billion dirhams (2.2 billion dollars), equivalent to a growth of 42 percent, compared to the period. Similar to last year.
The company attributed this growth to the steady performance witnessed by the tourism sector, the rise in retail sales, as well as the rise in demand for real estate projects in Dubai.
Emaar, one of the largest real estate companies in the Emirates, achieved a growth in profits before deducting taxes, interest and depreciation, an increase of 29 percent, reaching 10.8 billion dirhams ($2.9 billion) in the first nine months of 2023, a performance that significantly exceeds the performance it recorded in the same period. From the year 2022.
The company also recorded an increase in its real estate sales by 16 percent year-on-year to 31.1 billion dirhams ($8.5 billion) in the first nine months of this year.
Supported by strong real estate sales, the accumulated sales volume from real estate projects reached 69.5 billion dirhams ($18.9 billion), which will be recorded as revenues in the coming years.
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