Emaar Properties has released its financial results for the first half of 2024, showing an upward trajectory across its various businesses.
The company also declared a strong financial record and new key hires at its AGM in April.
Emaar recorded total revenue of AED 14.4bn (US$ 3.9bn) and a net profit before tax of AED 7.8bn (US$ 2.1bn), achieving growth of 17% and 33% respectively over the same period last year.
The improved performance was driven by sustained demand in Dubai’s real estate market, strong project execution capability, as well as continued growth in tourism and retail sales.
Their strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 24% growth in EBITDA, which rose to AED 8bn (US$ 2.2bn) in H1 2024.
Emaar outperformed its Q1 2024 group property sales in Q2 2024, resulting in achieving record group property sales in H1 2024 of AED 31.5bn (US$ 8.6bn), a 56% growth compared to H1 2023.
“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.”
Mohamed Alabbar, founder, Emaar Properties
UAE Build-to-Sell Property Development
Emaar Development PJSC a majority-owned subsidiary, successfully launched 25 projects across various masterplans and achieved the highest-ever property sales of AED 29.7bn (US$ 8.1bn) during the first half of 2024, reflecting a growth of 56% over H1 2023.
Malls and Commercial Leasing
Malls and commercial leasing operations of Emaar reported revenue of AED 2.8bn (US$ 760m) and achieved an EBITDA of AED 2.3bn (US$ 626m) in H1 2024.
During the first half of 2024, retail sales performance of tenants has also witnessed growth of over 7% compared to the same period last year. Emaar Malls prime assets boast occupancy of nearly 99% as of 30 June 2024.
Emaar International
During H1 2024, Emaar’s international real estate operations reported property sales of AED 1.8bn (US$ 490m), which grew by 50% compared to H1 2023.
Hospitality, Leisure, and Entertainment
In the first half of 2024, Emaar’s hospitality, leisure, and entertainment divisions generated AED 1.8bn (US$ 490m) in revenue, marking a 9% increase from H1 2023.
The performance was driven by the steady growth in the tourism industry and strong domestic spending. Emaar’s UAE hotels, including those under management, reported an average occupancy of 78% in the first half of 2024.
Recurring Revenue
Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenue AED 4.6bn (US$ 1.3 bn) during H1 2024. This revenue represents 32% of Emaar’s total revenue.
