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Emaar revenue surges 30% on strong property sales

By Pramod Kumar
City, Water, Waterfront Emaar Properties
Emaar Development launched 50 projects across various masterplans, recording the highest-ever sales of AED48 billion in the first nine months of 2024

Revenues of Emaar Properties, Dubai’s largest listed real estate company, rose 30 percent year on year in the first nine months of 2024, driven by growth in property sales.

The top line reached AED23.8 billion ($6.5 billion), up from AED18.4 billion a year earlier.

Property sales hit AED50 billion in the first nine months of 2024, rising 60 percent year on year. Revenue backlog jumped to more than AED100 billion as of September 2024, up 45 percent from a year ago. This backlog will support revenue over the next four to five years, indicating continued profitability.

Net profit attributable increased 3 percent annually to AED8.5 billion, supported by a 17 percent rise in EBITDA and delivery of premium projects.

Emaar Development, a majority-owned subsidiary, launched 50 projects across various masterplans, recording the highest-ever property sales of AED48 billion in the first nine months, a 66 percent rise year on year.

Revenue stood at AED12.5 billion, with the UAE property sales in the backlog rising to AED93.8 billion, 51 percent higher than in December 2023.

Malls and commercial leasing operations generated AED4.2 billion in revenue, and occupancy across prime assets was around 99 percent as of September 30.

In June, Emaar Malls announced an AED1.5 billion investment to expand Dubai Mall, adding 240 new shops. Dubai Mall received 82 million visitors between January and September 2024, up more than 6 percent from the previous year.

International operations contributed AED1.9 billion in property sales and AED1.6 billion in revenue, primarily from Egypt and India.

The hospitality, leisure and entertainment divisions reported revenues of AED2.6 billion in the nine months, increasing 7 percent annually.

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