Emaar Properties, Dubai's largest listed developer, has reported that its 2022 net profit rose 80 per cent on record real estate sales across its portfolio.
Net profit attributable to equity owners of the company for the 12 months ending December rose to Dh6.83 billion ($1.86 billion), from Dh3.8 billion a year earlier, the company's preliminary results showed on Tuesday in a filing to the Dubai Financial Market, where its shares are traded.
This was driven by record property sales across its portfolio, which hit a record Dh35.1 billion last year, up more than four per cent from 2021's Dh33.7 billion.
Revenue for the full year hit Dh24.93 billion on the back of stronger momentum in both the real estate sector and the overall economy. This was, however, down 11 per cent from the Dh27.9 billion it reported in 2021.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) for 2022 rose 18 per cent to Dh9.8 billion, as the company was able to sustain revenue, control costs and improve margins, Emaar said.
"We are very pleased with our accomplishments," Mohamed Alabbar, founder of Emaar, said.
"Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefitted all the company's operations over the past year, thanks to the strategic measures taken over the past two years."
Shares of Emaar — which is best known for building Burj Khalifa, the world's tallest skyscraper in Dubai — settled 0.35 per cent higher at Dh5.77 at the close of trading at the DFM on Tuesday.
Property prices across Dubai rose in 2022, as the market and wider economy strongly recovered from the coronavirus-induced slowdown.
The emirate's property market also had a record-breaking year in 2022, registering 90,881 transactions, exceeding the previous high of 81,182 in 2009, property consultancy CBRE said in its recent Dubai Residential Market Snapshot report.
Business activity in Dubai's non-oil private sector economy, meanwhile, remained robust in January, expanding for the ninth month in a row as consumer demand improved along with employment in the emirate, the S&P Global purchasing managers' index showed last week.
Emaar has made moves to boost its strategy. In December, it increased its share capital by eight per cent to Dh8.83 billion and issued eight per cent more shares, to bring its total to 8.83 billion.
Earlier last year, the company also increased the foreign ownership limit of its shares to 100 per cent, from 49 per cent, to capitalise on high interest from international investors.
Emaar Development, the company's build-to-sell property development business majority-owned by Emaar Properties, also posted record sales in 2022 worth Dh30.7 billion, more than 13 per cent up from 2021's Dh27 billion.
The unit contributed Dh11.5 billion in revenue and Dh4.2 billion in Ebitda.
"Emaar Development continued the trend of increased sales and profitability," Mr Alabbar said.
Emaar's international sales in 2022 hit Dh4.2 billion, down more than 17 per cent from the previous year's Dh5.1 billion, dragged by a 30 per cent decline in sales to Dh4.3 billion.
Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefitted all the company's operations over the past year, thanks to the strategic measures taken over the past two years
Mohamed Alabbar,
founder of Emaar Properties
Revenue in the unit, which was driven by successful operations in Egypt and India, contributed about 17 per cent to the group's total.
Emaar Malls Management, which overseas the company's retail and shopping malls division, reported an eight per cent increase in 2022 revenue to Dh5.4 billion, compared to Dh5 billion a year earlier.
Tenant sales surpassed pre-Covid levels, and occupancy rates at The Dubai Mall, Emaar's flagship asset, stood at 97 per cent, the company said.
In its hospitality, leisure, entertainment and commercial leasing units, revenue surged 57 per cent to Dh3.4 billion in 2022.
Emaar's hotels in the UAE performed well on higher average daily rates and a boost from the tourism sector, which was driven by global events such as Expo 2020 Dubai and the 2022 Fifa World Cup in Qatar.
Emaar's recurring revenue-generating units, comprising malls, hospitality, leisure, entertainment and commercial leasing, posted Dh8.8 billion in revenue last year, which was a 23 per cent rise from 2021.
"Across the board in our portfolio of retail, hospitality and entertainment, we are seeing demand for the exceptional communities and amenities we deliver," Mr Alabbar said.
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Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
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UAE currency: the story behind the money in your pockets
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MATCH INFO
Manchester United 2 (Heaton (og) 42', Lindelof 64')
Aston Villa 2 (Grealish 11', Mings 66')
