The net earnings of listed real estate companies doubled in 2022, aided by the robust growth in the real estate and tourism sectors.
A report by the Emirates News Agency (WAM) based on declared disclosures on financial market websites showed that the net earnings of listed real estate companies increased by 92 percent, totalling AED11.514 billion in 2022, compared to AED6.10 billion in 2021.
The revenues of real estate companies rose by 2 percent or AED57.691 billion in 2022, compared to AED56.572 billion in 2021.
Emaar Properties led the way after recording solid revenues totalling AED24.9 billion in 2022, while its net earnings amounted to nearly AED6.8 billion, an 80 percent increase compared to 2021, due to the company’s sustainable earnings, improved profit margins and ongoing cost management measures.
The group’s real estate sales totalled nearly AED35.1 billion after the launch of new projects, while its accumulated sales from real estate projects under development were AED53.2 billion.
Emaar Development, which is owned mostly by Emaar Properties, maintained its strong momentum last year and recorded real estate sales of AED30.7 billion, a rise of 12 percent. It also recorded revenues of AED11.5 billion and achieved earnings before interest, taxes, depreciation and amortisation (EBITDA) of AED4.2 billion.
In 2022, Aldar Properties achieved record earnings due to its robust operational performance and significant capital investments. The company’s net earnings increased year-on-year by 35 percent to AED3.1 billion in 2022 while its revenues rose 31 percent to AED 11.2 billion, and total revenues increased by AED4.7 billion. Its EBITDA amounted to some AED3.7 billion, 32 percent higher than last year.
The company also achieved a record year in terms of development and project sales while registering its highest-ever annual sales of AED14.4 billion, aided by strong demand from residents and investors, as well as the launch of new projects in Abu Dhabi and contributions from Egypt.