Emaar Properties PJSC has released its financial results for the first quarter of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.
Emaar achieved its highest ever quarterly group property sales in Q1 2024, totalling AED13.5 billion (US$ 3.7 billion), reflecting a robust 47 percent growth compared to Q1 2023.
Emaar recorded revenues of AED6.7 billion (US$ 1.8 billion), and net profit before tax of AED4.3 billion (US$ 1.2 billion), which grew by 16 percent compared to the same period last year.
Supported by incremental property sales, Emaar's revenue backlog from property sales reached AED78.3 billion (US$ 21.3 billion) as of March 2024, growing by 9 percent from December 2023. This backlog represents future revenue from property sales to be recognised over the next 4-5 years.
Commenting on the first quarter’s results, Mohamed Alabbar, Founder of Emaar, said,
"Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction. Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders. Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond."
News Source: Emirates News Agency
