Emaar’s property sales increase 60% reaching Dh50 billion in first nine months

Emaar Properties announced on Tuesday that it recorded total revenues of Dh23.8 billion and a net profit before tax of Dh12.4 billion for the first nine months of 2024, achieving growth of 30 per cent and 24 per cent over the same period last year.

Emaar achieving a 17 per cent growth in earnings before interest, taxes, depreciation and amortisation (Ebitda), reaching Dh12.6 billion in the first nine months of 2024.

Emaar’s momentum of property sales continued and reached Dh50 billion in the first nine months of 2024, a growth of 60 per cent compared to the same period last year. This sales performance further expanded the company’s revenue backlog from property sales to over Dh100 billion at the end of September 2024, up 45 per cent from September 2023 and 12 per cent from June 2024. This backlog will be recognized as revenue over the next four to five years, indicating sustained profitability, Emaar said in a statement.

Commenting on the performance, Mohamed Alabbar, stated: “Our consistent performance in the first nine months of 2024 is a testament to our ability to adapt and thrive in an ever-changing global market. By investing in key locations and launching innovative projects, we continue to redefine luxury living and elevate the lifestyle experience for our customers. As we look forward to the remainder of the year, we are focused on leveraging our strengths to seize new opportunities and drive sustainable growth across all our business segments.”

Emaar Development PJSC a majority-owned subsidiary, successfully launched 50 projects across various masterplans and recorded the highest-ever property sales of Dh48 billion in the first nine months of 2024, achieving a growth of 66 per cent over the same period last year. Emaar Development continued its strong financial performance in Q3 2024 and recorded revenue of Dh12.5 billion and an Ebitda of Dh6 billion in the first nine months of 2024, achieving growth of 69 per cent and 35 per cent respectively over the first nine months of 2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during in the first nine months of 2024 reached Dh15.4 billion, including Dubai Creek Harbour.

With a continued uptrend in real estate sales, the backlog of Emaar from property sales in the UAE has reached Dh93.8 billion, 51 per cent higher than December 2023, which will be recognised as revenue in the coming years.

Shopping malls and commercial leasing

Malls and commercial leasing operations of Emaar achieved revenue of Dh4.2 billion and an Ebitda of Dh3.5 billion in the first nine months of 2024. During the period, the retail sales performance of its tenants has also witnessed growth of more than six per cent compared to the same period last year. Emaar Malls prime assets boast occupancy of over 99 per cent as of 30 September 2024.

Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenues of Dh6.8 billion during the first nine months of 2024. This revenue represents 29 per cent of Emaar’s total revenue, reflecting the stability and resilience of Emaar’s diversified business model.