Dubai master-developer Emaar Properties showed consistent resilient performance and operational efficiency across its various businesses for the first quarter recording revenues of AED6.7 billion ($1.8 billion), and net profit before tax of AED4.3 billion ($1.2 billion), which grew by 16% compared to the same period last year.
Announcing its results for the three-month period ended March 31, 2024, Emaar said this growth was supported by incremental property sales as its revenue backlog from property sales reached AED78.3 billion ($21.3 billion) as of March 2024, growing by 9% from December 2023.
This backlog represents future revenue from property sales to be recognised over the next 4-5 years, it stated.
Emaar said it achieved its highest ever quarterly group property sales in Q1, totalling AED13.5 billion ($3.7 billion), reflecting a robust 47% growth compared to Q1 2023.
On the solid performance, Founder Mohamed Alabbar said: "Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction."
"Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders," stated Alabbar.
"Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond," he added.
Meanwhile, Emaar said its build- to-sell property development business, too has performed well in Q1 recording a a 50% increase in property sales reaching AED 12.9 billion ($3.5 billion) compared to AED8.6 billion ($2.3 billion) last year.
Emaar Development said this performance resulted from its successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company's strategic initiatives to further cement its position as a trusted developer, said the Dubai developer.
Emaar Development successfully launched 10 projects across various master plans during the first quarter of 2024.
During the first quarter of 2024, Emaar made a significant acquisition of a land plot measuring 60 million sq ft near to The Oasis masterplan, with a development value of AED 41 billion ($11 billion).
This compliments the 81 million sq ft of land purchased in December 2023 in the same vicinity.
In the first quarter, Emaar Development reported an ebitda of AED 1.7 billion ($463 million), up 48% over last year. Emaar now has a sales backlog of AED65.7 billion ($17.9 billion), which will be recognised as revenue in the coming years due to robust performance.-TradeArabia News Service
