With a growth of 26.4%, driven by the strong growth of the economic sectors
AED 5.3 billion net profit of 8 real estate companies in the first quarter
The net profits of eight real estate companies listed on local capital markets increased by the end of the first quarter of 2023, driven by the strong growth of major economic sectors after the full recovery from the repercussions of the Covid-19 pandemic.
Based on disclosures announced on the financial markets websites, the net profit of listed real estate companies increased by 26.4% to reach AED 5.3 billion at the end of the first quarter, compared to AED 4.17 billion at the end of the first quarter of 2022, an increase of AED 1.1 billion.
Emaar Properties came out on top after recording a 43% jump in profit to AED 3.2 billion in the first quarter of this year, while sales reached AED 9.2 billion in three months, a growth of 11%.
Emaar Developments, a majority owned subsidiary of Emaar Properties, had a net profit of AED 1.05 billion.
Aldar achieved a net profit of AED 836 million during the first quarter of 2023, a growth of 22% compared to the same period in 2022.
TECOM Group, listed on the Dubai Financial Market (DFM), reported strong financial and operating results in the first quarter of 2023, recording a 6% year-on-year increase in revenue to AED 514 million and a 34% increase in net profit compared to the first quarter of 2022 to AED 255 million.
Deyaar revealed an increase in net profit during the first quarter of 2023, exceeding AED 56 million compared to the same period in 2022.
Union Properties maintained its strong positive performance during the first quarter of 2023, and the company recorded a net profit of AED 12.3 million in the first quarter of 2023 compared to a net loss of AED 12.5 million during the same period last year.
Eshraq Investment announced that the company's total profit for the first quarter was AED 8.3 million compared to AED 7.9 million for the same period last year, while its net loss was AED 34 million due to the movement of financial and real estate investments based on market price.
Revenues of Gulf Investment Company - Ras Al Khaimah, which is listed on the Abu Dhabi Securities Exchange, stood at AED 4.24 million in the first quarter, compared to AED 4.22 million in the corresponding period last year, while the total profit reached AED 3.42 million, compared to AED 3.06 million in the first quarter of 2022. The company posted a net loss of AED 1.8 million during the first quarter, down from AED 5.4 million in the corresponding quarter last year.