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Report: Profits of 6 real estate companies in the UAE rose 66% in 9 months

Malik Salameh – Mubasher: The profits of 6 major real estate companies listed on the UAE stock markets increased by 66 percent, by about 4.618 billion dirhams, equivalent to $1.25 billion, during the first nine months of 2022.

According to statistics conducted by “Mubasher” based on the financial statements of companies listed on the Dubai and Abu Dhabi stock exchanges, the total profits of six listed real estate companies amounted to 11.596 billion dirhams ($3.15 billion) during the aforementioned period, compared to 6.978 billion dirhams ($1.9 billion) in the same period last year. , a growth of 66 percent.

Emaar Properties topped the list of those high companies in terms of declared profits, as it increased by 125 percent during the first nine months of this year, compared to the same period last year.

The company’s profits amounted to 5.79 billion dirhams, compared to profits of 2.578 billion dirhams during the same period in 2021.

The profit margin increased to 50.6%, compared to 41.5% during the same period, as a result of a decrease in direct costs by 16.5%, compared to the same period in 2021.

Selling, general and administrative expenses decreased by 27%, to reach 2.212 billion dirhams during the first nine months of 2022, compared to 3.034 billion dirhams during the same period of the previous year.

Financing income increased by 88% to reach 530.3 million dirhams, compared to 282 million dirhams in 2021.

Other revenues rose to 399.6 million dirhams, compared to 159.9 million dirhams at the end of the first nine months of 2021.

Followed by Emaar Development Company, which increased by 19 percent during the first nine months of 2022, compared to the same period in 2021.

Profits that develop real estate and manage real estate projects in the UAE amounted to 2.838 billion dirhams by the end of the first nine months of 2022, compared to profits of 2.384 billion dirhams achieved during the same period in 2021.

The profit margin increased to 43% during the first nine months of 2022, compared to 37.7% during the same period last year.

Selling, general and administrative expenses decreased by 25% to reach 937.4 million dirhams, compared to 1.246 billion dirhams during the first nine months of 2021.

Financing revenues increased to 235.3 million dirhams, compared to 30.9 million dirhams during the first nine months of 2021.

Aldar Properties ranked third, increasing by 32 percent during the first nine months of 2022, compared to the same period last year.

The company’s profits amounted to 2.028 billion dirhams, compared to profits of 1.536 billion dirhams during the same period in 2021.

Finance income increased by 287% to reach 132.8 million dirhams, compared to 34.3 million dirhams during the first nine months of 2021.

Other revenues increased by 151% to reach 50.4 million dirhams, compared to 20.1 million dirhams during the same period in 2021.

And in fourth place, the profits of the “Tecom” investment company, which announced its accession to the real estate sector index on August 8, 2022, increased by 51 percent during the first nine months of this year, amounting to 639 million dirhams, compared to profits of 422.5 million dirhams achieved during the same period in 2022. 2021.

The income margin increased to 63%, compared to 57.4% during the first nine months of 2021, as a result of the increase in revenues by a greater percentage than the increase in direct costs.

Other operating income increased by 15% to reach 40 million dirhams during the first nine months of 2022, compared to 34.9 million dirhams during the same period of the previous year.

Total general and administrative, marketing and selling expenses decreased by 12% to reach 156.9 million dirhams, compared to 177.9 million dirhams during the first nine months of 2021.

The “Ras Al Khaimah Real Estate” company, which specializes in real estate development in the emirate of Ras Al Khaimah, recorded a decline in its profits by 86 percent, with profits amounting to 27.54 million dirhams, by the end of the first nine months of 2022, compared to profits of 197.9 million dirhams during the same period in 2021. .

Revenues decreased by 32% to reach 289.6 million dirhams, compared to 424.4 million dirhams during the same period last year.

Other income decreased by 64% to 23.9 million dirhams, compared to 66.1 million dirhams during the first nine months of 2021.

The company’s profits amounted to 103 million dirhams, compared to profits of 30.8 million dirhams achieved during the same period in 2021.

Revenues increased by 38% by the end of the first nine months of this year, compared to the first nine months of 2021.

Other operating income rose to 27 million dirhams, compared to 6.6 million dirhams during the same period last year.

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