Emaar revenue jumps 17% as Dubai real estate thrives

Alamy via Reuters

Emaar Properties, the largest developer in Dubai, reported a net profit attributable to equity holders of AED5.3 billion ($1.4 billion) in the first half of 2024, a year-on-year increase of 8 percent.

Revenue jumped 17 percent year on year to AED14.4 billion, thanks to high investor confidence and robust demand in Dubai’s real estate market.

Ebitda grew 24 percent annually to AED8 billion in the first half on higher profit margins.

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Group property sales hit a record high of AED31.5 billion, rising 56 percent year on year. Revenue backlog from property sales reached AED90 billion as of June 2024, up 43 percent from June 2023.

The backlog is the future revenue from property sales, which will be recognised in the next four to five years.

Emaar Development, a majority-owned subsidiary, launched 25 projects across various masterplans, with property sales hitting an all-time high of AED29.7 billion in the first half.

• Emaar restores 4,500 homes for free after April floods
• UAE real estate companies rebound after market turmoil
• Emaar starts work on $408m Dubai Mall expansion

Revenues reached AED 7.3 billion, rising 65 percent year on year. The backlog from property sales in the UAE reached AED82.3 billion and will be recognised as revenue in the coming years.

The top line of malls and commercial leasing operations reached AED2.8 billion, with the prime mall assets reporting occupancy of nearly 99 percent as of June 30, 2024. Dubai Mall received 57 million visitors, up 8 percent from the same period last year.

Property sales from international real estate operations 50 percent year on year to AED1.8 billion thanks to growing sales in Egypt and India.

The hospitality, leisure, and entertainment divisions generated AED1.8 billion in revenue, an increase of 9 percent from H1 2023.