Masterdeveloper Emaar Properties has delivered solid results for the first half of the year with a 17% jump in its total revenue which soared to AED14.4 billion ($3.9 billion), and a net profit before tax of AED7.8 billion ($2.1 billion), up 33% over last year, thus showcasing consistent resilient performance and operational efficiency across its various businesses.

 

Announcing its financial results for the first half of 2024, Emaar said its strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 24% growth in ebitda, which rose to AED8 billion ($2.2 billion) in H1 2024.

 

The Dubai developer outperformed its Q1 2024 group property sales in Q2 resulting in achieving record group property sales in H1 2024 of AED31.5 billion ($8.6 billion), a 56% growth compared to H1 2023. 

 

This robust momentum in property sales further expanded Emaar's revenue backlog from property sales, which surged to hit AED90.1 billion ($24.5 billion) as at the end of June 2024, up 43% from June 2023 and 15% from March 2024. This backlog represents future revenue from property sales that will be recognised over the next 4-5 years, indicating sustained profitability.

 

This improved performance was driven by sustained investors’ confidence and robust demand in Dubai’s real estate market, strong project execution capability, as well as continued growth in tourism and retail sales. 

 

On the solid performance, Founder Mohamed Alabbar said: "Emaar delivered remarkable results 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 major assets have yielded impressive returns."

 

"With a clear vision and pragmatic approach, we maximise value for our stakeholders. 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," he stated.

 

On the performance of its build-to-sell property development unit - Emaar Development - the Dubai group said it  had successfully launched 25 projects across various masterplans and achieved the highest-ever property sales of AED29.7 billion ($8.1 billion) during the first half, reflecting a growth of 56% over H1 2023. 

 

Emaar Development continue to demonstrate its strong financial performance in Q2 2024 which resulted in its revenues soaring to AED7.3 billion ($2 billion) with an ebitda of AED3.4 billion ($925 million) in H1 2024, showcasing remarkable growth of 65% and 47% respectively over H1 2023. 

 

The consolidated revenue of Emaar Properties from its property development business in the UAE during H1 2024 reached AED 9 billion ($2.5 billion), including Dubai Creek Harbour.-TradeArabia News Service