In the first half of 2024, Emaar Properties reported Dhs14.4 billion ($3.9 billion) in total revenue and Dhs7.8 billion ($2.1 billion) in net profit before tax. These figures represent 17% and 33% growth, respectively, over the same period in the previous year.
The company said in a statement on Thursday that the continued growth in tourism and retail sales, as well as the strong project execution capability and strong demand in Dubai’s real estate market, were the main drivers of the improved performance.
Emaar’s strategy to increase profit margins and maximise operational efficiencies paid off. The company saw a 24% increase in EBITDA in H1 2024, reaching Dhs8 billion ($2.2 billion).
With record group property sales of Dhs31.5 billion ($8.6 billion) in H1 2024, a 56% increase over H1 2023, Emaar outperformed its Q1 2024 group property sales in Q2 2024.
Emaar’s revenue backlog from property sales increased by 43% from June 2023 and 15% from March 2024 to Dhs90.1 billion ($24.5 billion) at the end of June 2024 due to this strong sales momentum. This backlog shows sustained profitability since it represents future revenue from property sales that will be recognised over the next four to five years.
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