Emaar Properties revealed on Thursday a consolidated first-half revenue of Dh14.4 billion and a net profit before tax of Dh7.8 billion, marking increases of 17 percent and 33 percent respectively compared to the same period in the previous year. The enhanced financial results were attributed to continuous investor confidence and strong market demand, highlighting consistent performance and operational excellence across diverse sectors, according to a company statement.
The developer surpassed its Q1 2024 group property sales during Q2 2024, culminating in record group property sales for H1 2024 totaling Dh31.5 billion, a 56 percent increase from H1 2023. Emaar's revenue backlog from property sales swelled to Dh90.1 billion by the end of June 2024, a 43 percent rise from June 2023 and a 15 percent increase from March 2024, representing future revenue streams over the next 4-5 years, the company noted.
Mohamed Alabbar, founder and managing director of Emaar Properties, highlighted the group's exceptional performance, underscoring its dedication to long-term growth and customer satisfaction. Alabbar emphasized the strategic investments in prime locations and significant assets that have generated substantial returns, reinforcing the company's commitment to maximizing stakeholder value and contributing to Dubai's economic prominence.
Emaar's strategic focus on enhancing profit margins and operational efficiency led to a 24 percent increase in EBITDA, reaching Dh8 billion in H1 2024. Emaar Development, a major subsidiary, launched 25 projects across various masterplans and achieved unprecedented property sales of Dh29.7 billion in the first half of 2024, a 56 percent growth compared to H1 2023. The subsidiary's financial strength was evident in Q2 2024, with revenues hitting Dh7.3 billion and EBITDA totaling Dh3.4 billion in H1 2024, reflecting growth rates of 65 percent and 47 percent respectively over H1 2023.
Emaar Properties' consolidated revenue from property development in the UAE during H1 2024 amounted to Dh9 billion, including contributions from Dubai Creek Harbour. In H1 2024, Emaar introduced two lavish masterplans: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over 140 million square feet with a combined value of Dh96 billion.
The backlog of property sales in the UAE for Emaar reached Dh82.3 billion, a 33 percent increase from December 2023, set to be recognized as revenue in the forthcoming years. Emaar's malls and commercial leasing segments reported a revenue of Dh2.8 billion and an EBITDA of Dh2.3 billion in H1 2024. Retail sales for tenants showed a growth of over 7.0 percent compared to the previous year, with Emaar Malls maintaining a high occupancy rate of nearly 99 percent as of 30 June 2024.
In June 2024, Emaar Malls announced a Dh1.5 billion investment to expand Dubai Mall, which became the world's most visited destination in 2023 with 105 million visitors. The expansion plans include adding 240 new stores and enhancing the retail mix with international and local luxury brands and food and beverage options, aiming to attract more visitors and improve the overall guest experience.
