Emaar Properties has announced its financial results for the first half of 2024, recording total revenue of AED14.4 billion ($3.9 billion) and a net profit before tax of AED7.8 billion ($2.1 billion). These figures represent a 17% increase in revenue and a 33% rise in net profit compared to the same period last year.
In a statement released on Thursday, Emaar attributed its improved performance to sustained investor confidence and strong demand in Dubai's real estate market. The company's robust project execution capabilities, coupled with continued growth in tourism and retail sales, also contributed to the positive results.
Emaar's strategic focus on improving profit margins and optimizing operational efficiencies led to a 24% growth in EBITDA, which reached AED8 billion ($2.2 billion) in H1 2024.
The company outperformed its Q1 2024 group property sales in Q2 2024, resulting in record group property sales of AED31.5 billion ($8.6 billion) for the first half of the year, marking a 56% growth compared to H1 2023.
This strong momentum in property sales further expanded Emaar's revenue backlog from property sales to AED90.1 billion ($24.5 billion) by the end of June 2024. This represents a 43% increase from June 2023 and a 15% rise from March 2024. The backlog indicates future revenue from property sales that will be recognized over the next 4-5 years, ensuring sustained profitability.
Mohamed Alabbar, Founder and Managing Director of Emaar Properties, expressed confidence in the company's strategic investments and their returns. He stated,
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.
Emaar's H1 2024 results reflect the company's strong position in the market and its ability to drive growth through effective strategies and robust demand in Dubai's dynamic real estate sector.
News Source: Emirates News Agency
