Emaar Properties has achieved remarkable growth during the first nine months of 2024, solidifying its position as a leader in the real estate and lifestyle development sector. The company announced impressive financial results, including substantial increases in property sales, revenues, and net profits, all of which underscore its ability to adapt to market trends and drive sustained growth.
Emaar recorded total revenues of Dh23.8 billion for the first nine months of 2024, marking a 30% growth compared to the same period in 2023. Net profit before tax reached Dh12.4 billion, reflecting a 24% year-on-year increase. Furthermore, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Dh12.6 billion, a growth of 17%, demonstrating Emaar’s financial robustness and operational efficiency.
The most notable achievement was the company’s Dh50 billion in property sales during the first nine months of 2024, a 60% increase compared to the same period last year. This surge in sales significantly expanded Emaar’s revenue backlog from property sales to over Dh100 billion, up 45% year-on-year and 12% from June 2024. This backlog ensures steady revenue generation over the next four to five years, reinforcing Emaar’s profitability and long-term growth prospects.
Commenting on this success, Mohamed Alabbar, the founder of Emaar Properties, 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, launched 50 projects across various master plans, recording property sales of Dh48 billion, a 66% growth compared to 2023. The subsidiary achieved its highest-ever sales performance, supported by a strong financial showing, with revenues reaching Dh12.5 billion and EBITDA at Dh6 billion, up 69% and 35%, respectively, from the same period last year.
The consolidated revenue of Emaar Properties from its UAE property development business reached Dh15.4 billion, including sales from Dubai Creek Harbour, emphasizing the company’s leadership in the UAE’s real estate market.
Emaar’s shopping malls and commercial leasing operations also delivered strong results. The segment achieved revenues of Dh4.2 billion and EBITDA of Dh3.5 billion, reflecting its resilience and stability. Tenant retail sales grew by over 6% compared to 2023, while Emaar Malls maintained an impressive 99% occupancy rate as of September 2024.
Emaar’s international real estate operations, driven primarily by activities in Egypt and India, generated property sales of Dh1.9 billion and revenues of Dh1.6 billion in the first nine months of 2024. These operations contributed 7% of the company’s total revenue, highlighting Emaar’s strategic diversification and global reach.
The hospitality, leisure, and entertainment division saw revenues of Dh2.6 billion, up 7% year-on-year. This growth was driven by strong domestic spending and steady recovery in the tourism sector. Emaar’s UAE hotels, including those under management, achieved an average occupancy rate of 77%, showcasing their popularity among tourists and residents alike.
Emaar’s diversified business model is further supported by its recurring revenue streams, which include malls, hospitality, leisure, entertainment, and commercial leasing. These segments collectively generated revenues of Dh6.8 billion, accounting for 29% of Emaar’s total revenue. This consistent income demonstrates the stability and resilience of Emaar’s business operations.
Emaar Properties’ exceptional performance in the first nine months of 2024 reflects its unwavering commitment to innovation, customer-centricity, and sustainable growth. With a strong backlog of property sales, record-breaking achievements in development, and robust contributions from its recurring revenue streams, Emaar continues to set benchmarks in the real estate sector.
As the company looks ahead, its strategic focus on delivering world-class projects and leveraging opportunities across its diversified portfolio ensures that Emaar remains a driving force in shaping the future of real estate and lifestyle development.
