Emaar recorded revenues of AED 26.7 billion (US$ 7.3 billion) and net profit of AED 11.6 billion (US$ 3.2 billion) in 2023, achieving growth of 7% and 70% respectively compared to the same period last year, the company announced. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 63% growth in EBITDA, reaching AED 16 billion (US$ 4.4 billion) during 2023 as compared to 2022.
With a 15% year-over-year growth, Emaar achieved group property sales of AED 40.3 billion (US$ 11 billion) in 2023. Enhanced by property sales during 2023, the group’s revenue backlog from property sales reached AED 71.8 billion (US$ 19.5 billion) as of 31 December 2023, indicating positive outlook for revenue recognition in the forthcoming years.
Emaar Development sustained its property sales momentum in 2023. With the successful launch of 27 new projects across all master plans in the UAE, Emaar Development achieved property sales of AED 37.4 billion (US$ 10.2 billion), reflecting a growth of over 21% compared to 2022.
In 2023, Emaar Development reported revenue of AED 11.9 billion (US$ 3.2 billion) and achieved EBITDA of AED 8 billion (US$ 2.2 billion), marking an 89% growth compared to 2022. Emaar Properties recorded a total revenue of AED 14.4 billion (US$ 3.9 billion) from its property development business in UAE (including Dubai Creek Harbour owned by Emaar Properties).
Revenue backlog from property sales in the UAE increased to AED 62.1 billion (US$ 16.9 billion) as of 31 December 2023, representing a Y-o-Y growth of around 50%.
Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED 5.8 billion (US$ 1.6 billion) in 2023. During the same period, the portfolio achieved an EBITDA of AED 5 billion (US$ 1.4 billion), marking an increase of 54% over 2022, excluding AED 700 million (US$ 191 million) gain on sale of Namshi in Q1 2023. This performance is attributed to robust growth in tenant sales, which saw an increase of around 21% compared to 2022. Our mall assets achieved an average occupancy of 97% as of 31 December 2023.
In 2023, Dubai Mall also unveiled its latest additions Dubai Mall Chinatown with a week-long China cultural event. This new extension, synergizing shopping, cultural facets, and an authentic oriental atmosphere, not only enhances the Dubai Mall’s appeal but also strengthens the strategic economic ties between the UAE and China.
Emaar’s international real estate operations recorded property sales of AED 2.9 billion (US$ 0.8 billion) in 2023 and recognised revenues totaling AED 3.1 billion (US$ 0.9 billion). The performance of international operations in 2023 was primarily driven by Egypt and India. Emaar’s India operation saw an increase of 4X in the property sales compared to last year driven by new launches. Revenues from international real estate operations represent over 12% of Emaar’s total revenue in 2023.
In 2023, Emaar’s hospitality, leisure, and entertainment divisions recorded a growth in revenues of around 20% compared to 2022, reaching AED 3.4 billion (US$ 0.9 billion). This growth was driven by a consistent recovery in the tourism industry, coupled with strong domestic spending. Emaar’s UAE hotels increased its average occupancy to 72% and sustained its ADRs level. Emaar expanded its collection of hotels, both domestically and internationally, and added around 1,600 new hotel keys with the opening of Vida Creek Beach in Dubai and Address Jabal Al Omar Makkah.
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