Emaar Properties has achieved significant growth in real estate sales during the first half of 2024, reaching AED 31.5 billion (USD 8.6 billion), a 56% increase compared to the first half of 2023.
In a statement to the Dubai Financial Market, Emaar Properties reported total revenues of AED 14.4 billion (USD 3.9 billion) for the first half of the year, with net profits of AED 7.8 billion (USD 2.1 billion) before taxes. That marks a 17% and 33% increase, respectively, compared to last year.
The company explained that this strong performance is due to increased investor confidence and demand in the Dubai real estate market, as well as high operational efficiency across all sectors. Growth in tourism and retail sales is also one of the leading factors that explains such strong performance.
Emaar’s strategy to improve profit margins and enhance operational efficiency resulted in a 24% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching AED 8 billion in the first half of the year.
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The strong momentum in real estate sales has increased accumulated revenues from ongoing projects, reaching AED 90.1 billion by the end of June 2024, a 43% increase from June 2023. These accumulated real estate sales represent future revenues to be recognized over the next 4 to 5 years, indicating the group’s sustainable profitability.
Mohammed Alabbar, founder of Emaar Properties, stated: Emaar achieved strong results in the first half, and our strategic investments in prime locations and main assets have yielded returns beyond expectations. We are confident in our strategies and their execution to contribute to the Dubai economic landscape and solidify its global leadership position.
