Dubai-based real estate developer Emaar Properties has announced its financial results for the first half of 2024. The company reported total revenue of AED14.4 billion ($3.9 billion) and a net profit before tax of AED7.8 billion ($2.1 billion), reflecting a growth of 17 percent and 33 percent respectively, compared to the same period last year.
In a statement released on Thursday, the company attributed the improved performance to sustained investor confidence, robust demand in Dubai’s real estate market, strong project execution capabilities, and continued growth in tourism and retail sales.
Emaar’s strategy to enhance profit margins and optimize operational efficiencies has paid off, as evident from the 24 percent growth in EBITDA, which reached AED8 billion ($2.2 billion) in H1 2024.
Moreover, Emaar outperformed its Q1 2024 group property sales in Q2 2024, resulting in a record-breaking group property sales in H1 2024 of AED31.5 billion ($8.6 billion), a 56 percent increase compared to H1 2023.
This strong momentum in property sales has further expanded Emaar’s revenue backlog from property sales, which stood at AED90.1 billion ($24.5 billion) at the end of June 2024. This represents a 43 percent increase from June 2023 and a 15 percent increase from March 2024, indicating sustained profitability for the company in the years ahead.
Read more: Dubai real estate market records over $9.6 billion in sales in January 2024
Mohamed Alabbar, founder and managing director of Emaar Properties, commented on the results, expressing that the company’s strategic investments in key locations and other major assets had yielded impressive returns. He further conveyed the company’s confidence in executing their business strategies and pride in their significant contribution to Dubai’s economic landscape, reinforcing its global leading position.
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