Emaar Properties has almost doubled its net profit in 2022 on record sales of Dh35.1 billion ($9.5 billion), thanks to strong demand from property buyers.

Net profit and EBITDA surged 80 per cent and 18 per cent respectively to Dh6.8 billion and Dh9.8 billion this year compared to 2021, while total revenue reached Dh24.9 billion, the company said in a disclosure on Dubai Financial Market (DFM).

The developer attributed the strong results to a rebound in global tourism and improved sentiment among consumers and real estate investors.

"Improved consumer confidence and overall business activity, particularly in the real estate market, have benefited all of the company's businesses over the past year as a result of the strategic measures taken over the past two years," said Mohamed Alabbar, founder of Emaar.

"Given these significant results, we expect to see a strong performance from our shopping centres, hotels and property sales in 2023."

One of the company's subsidiaries, Emaar Development, sold Dhs30.7 billion worth of properties in Dubai, up 12 per cent from 2021.

Its revenue and EBITDA reached Dhs11.5 billion and Dhs4.2 billion respectively.

The developer's global business, Emaar International, also sold Dhs4.2 billion ($1.1 billion) worth of properties in 2022, driven by its Egyptian and Indian operations. These sales accounted for 17 per cent of Emaar's total revenue.

Retail division Emaar Malls Management recorded revenues of Dhs5.4 billion, up 8% on the previous year, and EBITDA of Dhs3.1 billion, up 21% on 2021.

Emaar's hospitality, leisure, entertainment and commercial leasing business recorded revenues of Dhs3.4 billion, an increase of 57% over 2021.

The company's hotels across the UAE recorded a significant increase in average daily rates (ADRs) and average occupancy of 69% last year, against the backdrop of a global tourism rebound and the hosting of major events such as Expo 2020 and the FIFA World Cup.