Emaar records impressive 56% growth in group property sales in H1 2024, reaching AED 31.5 billion (US$ 8.6 billion)

• Emaar’s real estate sales portfolio reached AED 90.1 billion (US$ 24.5 billion), set to further boost future revenues
• Net profit before tax increased by 33% to AED 7.8 billion (US$ 2.1 billion) in H1 2024 compared to H1 2023.
• Emaar announces AED 1.5 billion (US$408 million) investment in Dubai Mall expansion, introducing 240 new luxury stores

Dubai, United Arab Emirates – August 8, 2024: Emaar Properties PJSC (DFM: EMAAR) has published its financial results for the first half of 2024, which demonstrate continued stable operational performance and efficiency across the company’s business.

Most important achievements

Emaar reported total revenue of AED 14.4 billion (US$ 3.9 billion) and net profit before tax of AED 7.8 billion (US$ 2.1 billion), up 17% and 33% respectively compared to the same period last year. The improved performance was driven by continued investor confidence and strong demand in the Dubai real estate market, strong project execution capacity, as well as continued growth in tourism and retail. Emaar’s strategy to improve profit margins and optimise operational efficiency resulted in Emaar achieving 24% EBITDA growth, which increased to AED 8 billion (US$ 2.2 billion) in the first half of 2024.

Emaar outperformed the group’s Q1 2024 real estate sales results in Q2 2024, resulting in the group’s record real estate sales for H1 2024 of AED 31.5 billion (US$ 8.6 billion), an increase of 56% compared to H1 2023. This solid momentum in real estate sales further boosted Emaar’s real estate sales portfolio, which reached AED 90.1 billion (US$ 24.5 billion) at the end of June 2024, an increase of 43% compared to June 2023 and 15% compared to March 2024. This portfolio represents future real estate sales revenues that will be recognised over the next 4-5 years, indicating sustainable profitability.

Commenting on the strong performance, Mohamed Alabbar said: “Emaar delivered an outstanding performance in the first half of the year, reflecting our commitment to long-term success and customer satisfaction. Our strategic investments in key locations and other core assets have delivered impressive returns. With a clear vision and pragmatic approach, we are maximising value for our stakeholders. We are confident in executing our business strategies and are proud of our significant contribution to Dubai’s economic landscape and strengthening its global leadership position.”

Under Construction Property Development For Sale In UAE

Emaar Development PJSC (DFM: EMAARDEV), its majority-owned subsidiary, successfully launched 25 projects under various master plans and achieved its highest ever real estate sales of AED 29.7 billion (US$ 8.1 billion) in the first half of 2024, up 56% compared to the first half of 2023.

Emaar Development continued to deliver strong financial performance in Q2 2024, driving revenues of AED 7.3 billion (US$ 2 billion) and EBITDA of AED 3.4 billion (US$ 925 million) in H1 2024, representing a significant increase of 65% and 47% respectively compared to H1 2023. Emaar Properties’ consolidated development revenues in the UAE reached AED 9 billion (US$ 2.5 billion) in H1 2024, including Dubai Creek Harbour.

In the first half of 2024, Emaar unveiled two extensive luxury living masterplans: ‘The Heights Country Club & Wellness’ and ‘Grand Polo Club & Resort’. Together, these projects span over 140 million square feet and have a combined value of AED 96 billion (US$ 26 billion). These investments are in line with Dubai’s vision to improve quality of life and promote well-being across the emirate. They are also expected to boost Emaar’s sales and profitability in the coming years by offering more diverse luxury living options.

As the growth trend in property sales continues, Emaar’s property sales backlog in the UAE reached AED 82.3 billion (US$ 22.4 billion), an increase of 33% compared to December 2023. This amount will be recognised as income in subsequent years.

Shopping Centers and Commercial Leasing

Emaar’s shopping centres and commercial leasing business recorded revenues of AED 2.8 billion (US$ 760 million) and EBITDA of AED 2.3 billion (US$ 626 million) in the first half of 2024. Our tenant retail sales also increased by over 7% in the first half of 2024 compared to the same period last year. Emaar Malls’ core assets enjoy an occupancy rate of almost 99% as at 30 June 2024.

In June 2024, Emaar Malls announced an investment of AED 1.5 billion (US$ 408 million) in the expansion of The Dubai Mall, introducing 240 new stores. The expansion is expected to attract more visitors and include a range of new international and local luxury retail and dining options. Additionally, The Dubai Mall, in partnership with Salik, has introduced a paid parking system aimed at enhancing the guest experience.

Dubai Mall reached a milestone in 2023, becoming the most visited destination on Earth with 105 million visitors and posting very strong retail sales. The momentum continued in the first half of 2024, with the mall welcoming a record 57 million visitors, an increase of 8% compared to the same period last year.

Posted by: GoDubai Editorial Team
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Published on :Thursday, August 8, 2024

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