A view of Downtown Dubai, where Emaar Properties recently announced its financial results for the first nine months of 2024. The company reported total revenues of Dh23.8 billion and a net profit before tax of Dh12.4 billion, reflecting growth of 30% and 24% respectively compared to the same period in 2023.
Emaar also achieved a 17% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching Dh12.6 billion. The company's property sales momentum continued, hitting Dh50 billion in the first nine months of 2024, a 60% increase from the previous year. This robust sales performance boosted the company's revenue backlog from property sales to over Dh100 billion by the end of September 2024, up 45% from September 2023 and 12% from June 2024.
Mohamed Alabbar commented on the performance, stating: "Our consistent performance in the first nine months of 2024 underscores our ability to adapt and thrive in a dynamic global market. By investing in strategic locations and launching innovative projects, we continue to redefine luxury living and enhance the lifestyle experience for our customers." Emaar Development PJSC, a majority-owned subsidiary, launched 50 projects across various masterplans and recorded property sales of Dh48 billion, a 66% increase year-over-year.
Emaar Development's strong financial performance in Q3 2024 included revenue of Dh12.5 billion and EBITDA of Dh6 billion, up 69% and 35% respectively compared to the first nine months of 2023. The consolidated revenue from Emaar Properties' property development business in the UAE reached Dh15.4 billion, including Dubai Creek Harbour.
With a sustained uptrend in real estate sales, Emaar's backlog from property sales in the UAE has reached Dh93.8 billion, 51% higher than December 2023, which will be recognized as revenue in the coming years. The malls and commercial leasing operations of Emaar achieved revenue of Dh4.2 billion and EBITDA of Dh3.5 billion, with tenant retail sales growing by over 6%.
Emaar's international real estate operations recorded property sales of Dh1.9 billion and revenues of Dh1.6 billion, primarily driven by operations in Egypt and India. The hospitality, leisure, and entertainment divisions recorded revenues of Dh2.6 billion, a 7% growth driven by the tourism industry's steady growth and strong domestic spending.
Emaar's recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, generated revenues of Dh6.8 billion, representing 29% of the company's total revenue.
Source link: https://www.khaleejtimes.com
