Today's Edition
DUBAI (WAM)
Emaar Properties has released its financial results for the first half of 2024, reporting total revenue of Dh14.4 billion and a net profit before tax of Dh7.8 billion, achieving growth of 17 percent and 33 percent, respectively over the same period last year.
In a statement on Thursday, the company said that the improved performance was driven by sustained investors' confidence and robust demand in Dubai's real estate market, strong project execution capability, and continued growth in tourism and retail sales.
Emaar's strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 24 percent growth in EBITDA, which rose to Dh8 billion in H1 2024.
Emaar outperformed its Q1 2024 group property sales in Q2 2024, resulting in record group property sales in H1 2024 of Dh31.5 billion, a 56 percent growth compared to H1 2023.
This robust momentum in property sales further expanded Emaar's revenue backlog from property sales, which reached Dh90.1 billion at the end of June 2024, up 43 percent from June 2023 and 15 percent from March 2024.
This backlog represents future revenue from property sales that will be recognised over the next 4-5 years, indicating sustained profitability.
Founder and Managing Director of Emaar Properties, Mohamed Alabbar, said, "Our strategic investments in key locations and other major assets have yielded impressive returns. We are confident in executing our business strategies and proud of our significant contribution to Dubai's economic landscape and reinforcing its global leading position."
